Auction House Destroyed in a Fire on the evening of Auction day

[Phuong Uyen N.]

Hello,

I am a new Fix and Flip investor currently investing in the Knoxville, Tennessee area. I've ran into an issue with an auction deal that I have just purchased and I need your help!

I was the winning bidder of a property that was auctioned at the courthouse steps. I Went to look at the property and found out that it was completely destroyed in a fire on the evening of the auction day. I have contacted the auction company to see if I can place a stop payment on the cashiers. They said it has been processed and that they can't do anything about it.  Does anyone have any idea what I should do?

Thanks for your Help!

[Jowee Secore]

OUCH, I concur with Jason.  Unless you had a binder on the home prior to the fire, you may be out of luck.  And like others have said, if you started the process and gave over money then you should be fine.  I would certainly of had my insurance company on the phone to get a binder # before I handed over the cashiers check.

Not saying that this is the case, but it seems eerily like a former owner was trying to have vengeance on the bank...  Just odd timing for that to happen.    If you were not covered I would certainly try to get the fire department to investigate possible arson.