12-1624. Liability of bidder for failure to pay; resale and recovery of loss and costs
If the purchaser at the sale under execution does not pay the full bid price and statutory fees within five working days after the sale, the officer shall immediately offer the property to the second highest bidder who may, at his option, purchase the property at his bid. If the second highest bidder does not pay the full bid price, as bid by that bidder, and statutory fees within five working days after the property has been offered to him by the officer, or if there is no second bidder, the property may be resold by a new execution sale. If the second highest bidder elects not to purchase the property, or if there is no second bidder, the original purchaser shall be liable to any person who suffers loss or expenses, including attorney's fees, occasioned by his failure to pay the bid price. The five day deadline set forth herein may be extended if agreed upon in writing by the officer conducting the sale.
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