Re: Bankruptcy Land Auction
If you attempt to negotiate, as a matter of contract law that would normally constitute a rejection and counter-offer. So it's possible that doing so would scuttle the deal. Given the amount of money presumably involved, I suggest running the question past a local real estate lawyer who handles foreclosure issues.
Re: Bankruptcy Land Auction
The answer "yes", but any acceptance of the lower offer is subject to Court approval. Your "back up" bid was accepted by the Court as the next "highest and best" offer. If you reduce the offer it may no longer be the next "highest and best" offer. The Trustee will be obligated to reset the Section 363 sale and hold another hearing where your new offer will be used as the opening bid. If there are no other bidders then you "win".
As it sits right now the high bidder is not able to close the deal. If the Trustee approaches you to purchase the property and you say “no”, since there were no other bidders, the Trustee will either give the high bidder additional time to close or have to re-notice the sale.
Des.