What to do if I just bought a home through a sheriff’s auction but the bank has filed a motion to vacate the sale?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if I just bought a home through a sheriff’s auction but the bank has filed a motion to vacate the sale?
I put my 10% down that day as required. The mortgage company did not show up to the auction. Now 2 weeks later, the attorneys from the mortgage company filed a motion to vacate the sale because just prior to the sale, the reached an agreement from the original owners. The motion also states that they were unable to communicate this info to the judge to stop the sale that day and are requesting the sale be vacated. The sheriff department already deposited my 10%. What can happen? Will the judge vacate the sale even though they did not have the proper paperwork sent in to stop it?
Asked on October 7, 2012 under Real Estate Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the lender of the loan where the home was secured had the foreclosure sale to pay off the loan and you were the successful bidder and now the lender wants to set aside the sale that it initiated, it seems to me that it does not have the standing to do so since you were the successful bidder.
I suggest that you consult with a real estate attorney immediately about the situation that you have written about to protect your interests.
Unless the owner of the property can show that the sale went through improperly you should be able to retain ownership of the home that you bought at auction.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.