Legal Question in Real Estate Law in Maryland

Can the purchaser of a foreclosure sale encounter repercussions?

With regards to a foreclosure sale and pending actions thereafter -- what happens if the purchaser of this auction/foreclosure sale decides/wants to withdraw from this sale based on the fact that he learned that the mortgagor filed Exceptions to Sale and he did not want to wait for the outcome; would there be any repercussions he would face or encounter? In short, is there a way for him (the purchaser) to walk away with his money thus paid in?

Also if this purchaser could/did withdraw, then could the original owner/mortgagor have any legal rights to reclaim or resell this property or be allowed to file an appeal?


Asked on 12/20/05, 3:41 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: Can the purchaser of a foreclosure sale encounter repercussions?

If you decide not to complete the purchase most likely you will lose your deposit and the foreclosing lender will re-auction the property. The defaulting mortgagor's rights to challenge the sale are unaffected by your actions. The property would remain in foreclosure status unless the mortgagor removes the default status by paying the amount in arrears and all expenses, or works out an arrangement to do so with the lender.

Read more
Answered on 12/20/05, 4:10 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Maryland