17 Days Before Foreclosure Auction
There is a property in my area that is going to foreclosure auction in 17 days, do I have enough time to contact the owner, make any offer and close on a deal before the property is auctioned off. Or is there a way that I can stop the auction from proceeding. Any help is greatly appreciated. 
You have 17 days? Many of us, including me.have done it the morning of the auction.
Do your part first: Contact the homeowner. Make a deal. Get a deed. Can you buy it subject to? If so, reinstate the mortgage.
And there are many other scenarios....but they all start with you making a deal with the homeowner.
Get started now and then your questions will be specific deal-oriented and much easier to answer.
I am finishing up one that went to the day before the sale and then the bank held off the sale..
We close next week.
Get to the homeowner, get your paperwork in line and call the foreclosing bank for a workout or shortsale packet and go from there...
[addsig]
banks seem quite open to postponing TS in order to get $$$ and not another REO.
It is my experience that about half the lenders will postpone the auction if you have been working with them for a period of time and need more time. Most will not postpone an auction on a last minute phone call that is out of the blue.
Find the home owner. All of this is just theory if you can not find the home owner or if the home owner does not want to give you the deed to the property.
Brenda
Tsmooth, I am here in the DC area as well. I understand your focus on exit stategy but getting it under contract at a good price is the first order of business. My experience is that if it goes to auction it will get bid up beyond a good investor price. Once you have control of the property then you can stop the sale or flip to another investor or fix it up yourself (assuming it needs that) and sell.
Tsmooth,
The two main issues are whether or not you are still in a period where the loan can be reinstated (it probably can be, but this varies from state to state) and whether you have available money to cure the default or pay off the loan.