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We recently bid and won a bank owned property in a Texas auction.. The bank says our bid was too low and need to pay more.

Spring, TX |

I specifically asked about a reserve and no reserve was listed or mentioned by the company who awarded us the winning bid. We signed a standard auction contract. Is the bank within their rights asking us for more money?

Attorney Answers 1

  1. You should check the contract again, specifically about reserves, as it may be described along with procedures for setting the price.
    You may have a binding agreement, and should contact an attorney experienced in this area of law, for further information.

    General legal advice is offered for educational purposes only. A consultation with a qualified attorney is required to determine specific legal advice as to your situation and applicable law. We are a debt relief agency and we help people file for relief under the bankruptcy laws.

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