Auction.com cancelled my bid

[Ahmed Nijim]

I have won the bid on a property At auction.com the bid amount was 93000 and the reserved was met , I got the property under contact for 93000 I wired the title company the deposit which is 5% and after one month of waiting for them to close on the property .

auction.com called me telling me that the bank is no longer the owner for that property and they want to cancel my contract and give me my money back .

I never faced anything like that before.

my question is do I qualify for any compensation, since they cancelled my bid and the reserve have been met.

or we should what should I do in this case?

[Don Konipol]

@Ahmed Nijim

Winning an auction.com auction is not winning a property purchase, it’s winning the right to have your bid considered by the seller. Auction.com has stretched the use of the terms reserve and absolute to where they are now meaningless.