Legal Definitions - buying-in

Definition: The act of purchasing property by the original owner or an interested party at an auction or foreclosure sale.

Example: John is facing foreclosure on his home. At the auction, he decides to participate in the bidding and ends up buying-in his own property.

Explanation: In this example, John is the original owner of the property and he participates in the auction to buy-in his own property. This is a common practice in foreclosure sales where the original owner may want to keep their property and is willing to bid on it.

Example: The art collector was interested in a painting that was up for auction. However, when the bidding went too high, he decided to buy-in the painting instead.

Explanation: In this example, the interested party, the art collector, decides to buy-in the painting instead of continuing to bid on it. This allows him to acquire the painting without having to pay the high price that the bidding had reached.