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Posted by Ken Dunnington on Monday, December 22, 2008 at 11:31:48 :
In Reply to: one bid only posted by copey on Sunday, December 21, 2008 at 09:21:50 :
It's the owner's property until payment and title have transferred "hands". Without a contract for sale in place, the owner of the property is free to refuse to sell to anyone for any reason.
I understand both sides. I was on the buyer's end of several auction sales that were "cancelled" and I was upset at the time too. Then I came to the realization of the above.
I also remember my Dad having to sell many things from my grandfather's estate to keep the land and some items sold ridiculously cheap at the estate auction. A few were held back after the bidding was not high enough. He successfully held onto the land though, 205 acres in NW MO, and he still owns it today. My great-great-grandfather settled on the main parcel just after the American Civil War.
Ken