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?
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.