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 Failure to complete buying a winning auction bid, What happens?

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TSblingless
post Jun 12 2023, 05:59 PM, updated 3y ago

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Does anyone know what happens when a winning bidder for an auction unit fails to complete the purchase within 90 days?
Are they ever given any extensions?

Will the unit just go back up for auction?
Or can an interested 3rd party buy the unit from the bank after the auction winner defaults on the auction purchase terms after 90 days.

 

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