Reading Fine Print A Must When Bidding At Auction

In Miami, Florida, CBS4 TV reports, among other things, the story of one winning bidder who reportedly got a great deal on a brand new condo which, along with 19 others, was being unloaded at a real estate auction by a local builder, only to find out that the builder exercised a clause in the fine print forcing the buyer to close within ten days or forfeit his deposit. Fortunately for the buyer, who had been planning on financing his purchase, he reportedly was able to close on the sale, but believed that he got such a good deal that the builder, by exercising the clause in the purchase documents, was trying get out of the sale and screw him out of a $32,000 deposit in the process. The buyer warns to read all the fine print if your're thinking of bidding at these auctions. For more, see Not All Foreclosure Auctions Are What They Seem.

Go here to watch the CBS4 TV report, Read Fine Print If Going To A Foreclosure Auction.

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