In my humble opinion if you didn't want to spend the money on the house then don't make the bid, you should have known you where bidding against yourself and stopped offering.
The auction would have been paused and the auctioneer would have most likely come back with a reduced reserve and declared the property to be on the market in order to restart bidding at that $715 point or possibly even below that.
But what's done is done, from here on I'd take a different tack to what your suggesting too.
I'd settle all but $35,000 and withhold that in a retention account.
This is where you put the $35,000 in a lawyers trust account as an "Amount in dispute", until a satisfactory ruling is made.
It shows good will on your part but its also easier than getting the $35k back once its gone to the vendor who for all you know could be planning on leaving the country.
The auction would have been paused and the auctioneer would have most likely come back with a reduced reserve and declared the property to be on the market in order to restart bidding at that $715 point or possibly even below that.
But what's done is done, from here on I'd take a different tack to what your suggesting too.
I'd settle all but $35,000 and withhold that in a retention account.
This is where you put the $35,000 in a lawyers trust account as an "Amount in dispute", until a satisfactory ruling is made.
It shows good will on your part but its also easier than getting the $35k back once its gone to the vendor who for all you know could be planning on leaving the country.
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