Defaulting The Deposit?
Hey All -
Well, I really messed this up bad. I thought I had a great deal here in NC and I put down $5400 for a deposit and won. Well...turns out the deal would have been perfect had I won the property I wanted! Seems that I was under the impression I was buying the individuals current home, not their second home.
Not the best mistake to make, and it made my original deal of 47K~ in equity fly right out the door. The house I ended up winning at auction isnt bad but there is no room for profit.
The Trustee tells me they we relist and resell and if any amount of my deposit is left over I will get that back. Anyone know a way around this?
With that said, anyone want to buy a nice rental or owner occupied in Raleigh? I still have a few days before I have to give up the deposit
Did you ever find a way out of losing your deposit?
Hey Scott -
Not yet but working on it. We shall see, Ill update when I have some news.
No way around it in Florida. Here, the defaulted deposit becomes the property of the Plaintiff.
Unless the sale is stopped (Bankruptcy, redemption, etc.) any deposit paid is totally lost if the property is not paid for in full per the County procedure. And the deposit money goes to reduce the amount owed by the defendent.
[addsig]
Just as an updated I have done everything possible with no luck. Be careful what you bid on!