Q: I bid and won foreclosed auction property. There are motions for eviction filed, can I get out of this w/out losing $?
I recently bid and won a property thru foreclosure. I have not closed on the property but was notified by the current owners, thru their attorney that there has been a motion filed for foreclosure for the current tenants. Frankly, I have no interest in pursuing this property compounded with the 'headaches' accompanying the purchase as well as any/all ongoing legal costs since I don't have the time or funds to do so. They have had ongoing issues with this tenant and feel that because I was not made aware of the situation prior to my purchasing that the agreement should be dissolved and my deposit returned. However, I am not fluent on the law pursuant to a situation like this and need advice. What recourse could I take / have in my favor to get out of purchasing this property and all it's headaches without losing my $10K deposit. Appreciate your insight and direction.
Foreclosure auctions are generally governed by this statute: https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleIII/Chapter244/Section14
When you gave your deposit you would have signed a contract with the auctioneer. That contract determines the specifics. You need to start by having an attorney review that contract to help figure out your options.
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