"Final Bidder" - Realestate Auction

kjopperman · Joined: 14 Nov 2007 Posts: 1 1.00 Dollars($)

We have just been the highest bidder in a realestate auction. We were informed we would could take possession within 30 days of the judges signature, once the Trustee accepts the offer as a fair and equal bid. We received a call within 3 days of the auction to inform us it was accepted as fair and equal and referred to the judge to accept the offer. Then the judge would send it to the creditors and if "someone" want to out-bid us they can, we'd go to a hearing an have the option to counter-bid. We were assured it was final at the auction, especially being that the auctioneer told us to make a checklist of everything we want on the property because it will cost them to remove it. We were informed two weeks ago we'd get paperwork, we didn't. I contacted the Trustee's office on Monday, 11/12 and was told we'd be getting paperwork for a hearing at the Detroit Bankruptsy Court, to final the close of the property and that there were two bidders (us and "unknown). We've been informed by several sources the "unknown" bidder is the "second" bidder that attended the auction. IS THIS POSSIBLE? What are the statutory laws that will allow for this???

jenkin7 · Joined: 04 Jun 2007 Posts: 928 139.07 Dollars($)

Hello Kjopperman,

If there remains an option to out-bid you, then I think, the second bidder may do that. You will have to check that.

Apart from that, the second bidder remains bound in case the highest bidder fails to close on the transaction.

Could you tell me where you live? Because the laws generally differ from state to state.

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