Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Laws regarding auction bid retraction?

In SC, can a mortgage company refuse to sell a repossessed mobile home when it was bid on and won fair and square?

5 Answers

Relevance
  • Dan B
    Lv 7
    1 decade ago
    Favorite Answer

    You only win the bid if they accept your offer, a contract to purchase was signed and a down payment was made. They can retract their offer at any time up to that point - they own the mobile home. Just because you put in a bid, whether at or above the asking price, does not mean you won it. Bids on foreclosures are kept confidential so than they can get the best price. How did you know you won it fair and square?

  • Anonymous
    1 decade ago

    Most things that are being sold at auction are subject to approval by the seller.

    That is, the seller can refuse the offer if they so choose.

    Its not against the law to refuse to sell something for too little.

    Ive bought hundreds of cars at auction. Most of them, they sold me, maybe 10-15%, they refused my bid. Nothing I could do about it but try again the next week.

  • 1 decade ago

    If the Bid was legitimate and it is considered a contract (like it is on eBay Motors) they can't reject the offer if it was won fair and square. If they do that is a breach of the agreement between seller and buyer.

    There are seveal court cases judged in favor of the buyer where the seller refused to accept the final bid price. if you have a well documented case you should win in court.

  • 1 decade ago

    Depends, if its a 100% legal formal auction than you are now entitled to it under the terms of an understood spoken contract.

    But I'm not a lawyer and this is as far as I know, I would contact a lawyer if you're serious about it. Most provide free consolations and you will find the details out there.

  • How do you think about the answers? You can sign in to vote the answer.
  • ?
    Lv 7
    1 decade ago

    Did you have the cash to give them on the day your bid was accepted? If not, they can cancel your bid if that was in the auction terms.

Still have questions? Get your answers by asking now.