If the purchaser at an execution sale fails to pay the purchase price under the terms of the sale, the sheriff making the sale shall resell the property. Upon motion by the sheriff to the court out of which the execution was issued or the circuit court of the county in which the sale was held, the court may enter a judgment against such purchaser for any loss occasioned by his failure to pay, and for costs. The sheriff may refuse bids of a purchaser who has so failed to pay. The sheriff shall not be liable for the amount of a bid which the purchaser fails to pay.