What happens if the high bidder fails to close?
It is expected the high bidder will submit a Pre-qualification letter from their lender with their bid. In the even the high bidder is unable to perform the contract, at the sellers choosing the next high bidder will be contacted and either offered the property at their price or at the price of the high bidder, or a new auction will be run with all prior bidders given an opportunity to bid on the property again.
