QUESTION

if you buy a home at a foreclosure auction, can the seller require 100% pay of the bid within 24hrs of sell when title wont be ready until the next wk

Asked on Sep 16th, 2011 on Real Estate - Alabama
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Real Estate Law Attorney serving Anniston, AL at Isom Stanko & Senter, LLC
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Yes.  If you read the foreclosure notice, it will say that the sale is for cash to the highest bidder.  This can be required literally - payment can be required immediately.  It is common practice for the auctioneer to allow time for the successful bidder to go to his bank and withdraw the funds but the time allowed is discretionary with the auctioneer.  I will assume that the record examiner was retained by you and not by the seller.  The results of the title examination are, of course, important to you as the purchaser and if you are forced to make a decision before the results are in, you may either take the risk of the purchase or walk away from the purchase.  In that case, the auctioneer will turn to the next highest bidder. The best you can do is ask for additional time - but you may not get it. 
Answered on Nov 08th, 2011 at 4:42 PM

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