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I have put an offer in on a house and it was accepted.

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Afterwards, I found out the house was purchased at auction for substantially less than asking price THE DAY BEFORE I put my offer in. The lender has just informed me of this as it came up in the title search. I feel as if I am being wronged by purchasing this house for $60K more with minimal work being done to the house ($8700) even though it appraised for $5K more than the accepted offer. Please give me your opinions on what I should do.

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September 30 - US

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PDXoutsider
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You shouldn't do anything. If you didn't know this info would you still be happy about your purchase?

You legally have no basis to pull out of the offer.

It sounds like you're just upset because you feel you missed a better deal. We purchased our house from the bank. We could have bought it at auction IF we had had the full purchase amount in cash, and we would not have been able to see the house before making an offer. We would have saved 5% by doing this, but even if we had the cash the risk wasn't worth it.

If you want to find a bargain, find the cash to attend an auction, and take the risk that you're not buying a dump that you couldn't inspect. Otherwise accept that the $60k is the cost you paid to ensure you got a good house at a fair price. And then enjoy the house!

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September 30

Linda Strasberg, "L Strasberg"
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Linda Strasberg, "L Strasberg"

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I'd say someone came out on the upside...let's hope the market has bottomed and it's onwards and upwards for you too!

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September 30

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I have put an offer in on a house and it was accepted.

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Real Estate Agent

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Related Questions

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Question Realtor in DC

Question My credit is probably "fair" will I have problems getting a loan on $22,000.00 mortgage?

Question Can you negotiate price on a "bank owned" property?

Question great website my brother showed it to me. from chicago good job, looking to buy

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I have put an offer in on a house and it was accepted.

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Related Questions

Question Should I buy now or wait?

Question Realtor in DC

Question My credit is probably "fair" will I have problems getting a loan on $22,000.00 mortgage?

Question Can you negotiate price on a "bank owned" property?

Question great website my brother showed it to me. from chicago good job, looking to buy

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

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Guide Picking the Best Comps

Need a Mortgage?

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