South Carolina | Real Estate Law
Legal Question
I recently won a public auction on a home. I had to put down 2500 dollars and was given 30 days to close. I am unable to get approved for the loan due to debt to income ratio. Is there any way that I can recover some of the 2500 dollars that I put down or is it a total loss?
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Legal Answer
I have seen a variety of different types of auctions. They have different terms and the obligations of people that bid or purchase off these auctions vary. In order to tell you what options you have, an attorney would need ot see the paperwork that sets forth the terms of the auction. One of the things that an attorney would look for, is if it addresses your situation. That is, an attorney would look to see what it says in the event that someone who wins is not able to get financing. So without knowing more about the particular auction that you were in, its impossible to tell you where you stand. I wish you the best.
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Law Offices of Robert J. Johnston P.O. Box 15035 Surfside Beach, SC 29587
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