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  1. #1
    Join Date
    Jan 2011
    Posts
    1

    Exclamation Bankruptcy Land Auction

    My question involves bankruptcy in the state of: Massachusetts

    I attended an bankruptcy land auction. I was one of two bidders. The other bidder did not have a certified deposit check as required by the advetisement. That bidder was the high bidder and has been unable to close on the property within the specified thirty day period. Being the only other bidder, I can purchase the property at my last bid price. I know I am not obligated to purchase the property, but am I obligated to purchase it at my last bid or am I can to negotiate the price to my original bid (I made the first bid to open the auction).

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

  3. #3
    Join Date
    Sep 2010
    Posts
    478

    Default 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.

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