bostonbubble.com

[REDC bidder]

I got a single family house at the REDC auction on Nov 10th. It was supposed to be closed by Dec 3rd, within 3 weeks as indicated by the terms, which I now firmly believe is exclusively binding for the buyer. I finished the mortgage about 1 week after auction and waited and prepared for the closing until yesterday my counsultant at Countrywide called me to ask whether I know that my bidding was rejected by the seller. No one else ever notified me of this until this moment. I did check out with the closing law office a few days ago. They told me all the closing were postponed to Dec 13, again without any notice if you didn't ask. Yesterday and today, I had to call around for the auction manager?, the law office, some assessors, recreation property Inc?... . After receiving 10-20 "leaving your massage", I finally got someone this afternoon after repeated calling . They were telling me the seller rejected the bidding on Nov 30th (after Countrywide's assessment, which was about 40K higher than the bidding price). I only have 2 options. 1. Paying the new price of 31K more than my bidding price; 2. signing a cancellation paper. Both my consultant and myself couldn't believe it!!
I did check out the purchase agreement later. There is one sentense saying that if seller is in default, the buyer can only get back their deposit as total remedy! What can I say?
Does anyone else have similar experience with mine?
Is this a joke?

[steverino]

You really should contact one of the Globe real estate reporters on this. This is quite a story.