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Re: OT - House Buying at Auction


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Posted by dhermesc on January 03, 2016 at 09:37:09 from (24.248.193.103):

In Reply to: Re: OT - House Buying at Auction posted by MarkB_MI on January 03, 2016 at 08:10:55:

If there was no signed sales agreement why would she owe the auctioneer money? If the sales document called for a deposit the auctioneer didn't collect the sales agreement is void. The auctioneer's commission is based on selling the property, if he didn't execute the sale there's no commission to be paid. If there was a deposit/earnest money to be collected and the auctioneer failed to do so and went so far as to allow the buyer to take possession before closing (giving them the key and as the seller's representive allowing "improvements" before closing) the auctioneer has a lot of problems.

If she said "sell it" and everyone assumed the reserve was off and then she refused to sell - there might be a some question on the auctioneer being paid. The problem is he asked her if she wanted to sell it today, not if she wanted to drop the reserve. It sounds like they are past that part though. It sounds more like the sales agreement has been signed but the buyer and auctioneer are not abiding by it.


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