Can I Back Out of A Sheriff's Sale

[Sam Adam]

Beginner's "bad luck"! My first ever purchase. I purchased a residential property in Ohio and made down payment after winning the auction.  I just learned that that house actually had caught fire and they had demolished the property and it is only land. What can I do? What are the options I have. I have not contacted sheriff's office but plan to do it soon. Please help...I am already stressed and worried if I should do a stop payment on my down payment check (not cleared yet). Sale is not final yet (30 days wait period). Any help appreciated!

[Adrien C.]

Do you not look at a property in person before you bid on it? I mean unless you have a bunch of money to blow, do your DD. Our sheriff sale is tomorrow. I had 14 properties on my list to look at. I drove to every one today. If it was occupied, I did a look from the street and moved on (I don't like buying occupied houses). If it was vacant, I look all over the outside and inside (of the 14 houses today, 10 were vacant and I was able to get in 9 of them). I know exactly what I'm bidding on and what work will need to be done. Tonight after I respond to a dozen BP posts, I will do my own title search on the property and thoroughly read the foreclosure judgement. Am I bidding on a first mortgage? Are there any judgements/liens on the person/property that are not included in the foreclosure (those do not get canceled if not included). What are the taxes? If I get a house tomorrow, I immediately have to pay the November installment plus I lose 10months of prorations. That's a good chunk of money I need to factor into my bid. This isn't some chump change. I work too hard to tie up any amount of money on a house that is a loser because I didn't do my DD. Maybe you're paying for some real life education here. I hope it works out for you but I think you're SOL. Good luck.