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Interesting Questions
Contingencies can be tricky in auction contracts. Unlike regular real estate deals, they are usually limited in auctions, but it’s worth asking your auctioneer if any can be added to give you some breathing room.
Backing out after winning an auction can lead to a heap of trouble. Typically, you could lose your deposit or face legal consequences, so it’s wise to be sure about your bid before you go all in.
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