Ignoramus15919 wrote:
I did not get the house. The auction conditions were that I am
completely obligated to follow through with the sale if the seller
(bank) agree. But the bank, has an option of rejecting my bid.

Being used to honest industrial auctions, I paid no heed, and bid $70k
for that house that I talked about.

After I won the bid, I wasted a lot of time and even bought some
cleaning supplies (nothing major) in anticipation.

Anyway, after two weeks or so, I got this email from the auction
company:

``The seller has notified us that they are needing something closer
to $107,000.00 for this property. Is there any way you can come up to
this amount? Please let me know how you wish to proceed. Thanks!''

Well, my answer to this, politely phrased, was that no, I am not going
to come up to that sort of a price, the house is crappy in many ways,
in a flood zone etc.

(...)

The magic phrase appears to be 'Absolute auction' wherein the seller
can get into legal trouble when they 'bait and switch' as in a
'Reserve auction':

http://www.mightybargainhunter.com/2...e-big-deals-2/

Apparently 'real estate auction bait and switch' is a popular sport:

http://www.trulia.com/voices/Foreclo...hat_is_i-80649

http://www.biggerpockets.com/forums/...high-bid-again


Better luck next time, Iggy.

--Winston