We previously wrote about force majeure clauses in regard to unforeseen circumstances — for instance war, strike, riot, crime, plague, …
Real estate at auction is reaching upwards of 10% of the market in many parts of the United States. More and more people are looking to participate as a buyer in real estate auctions.
For those hoping to buy real property at auction, there are some basic questions that should be asked before participating. A real estate agent in a class asked me this very question the other day, and here are some of the most important questions to ask:
What happens when a bidder retracts his bid? Does the prior bid become the high bid? Not unless that prior bidder wishes it to be the case, as there is no revival at an auction.
When an auctioneer is bid calling, there are contract formed between himself (on behalf of his client) and the bidders. Both the auctioneer and the bidders have certain rights and those rights change substantially when the auctioneer declares the item, “Sold!”