How Do I Delay An Auction

The deal I'm working on has an auction date of April 7, 2004.

According to the Easy Hud people, I should be giving them 60 days from the date on the HUD-1 form. This puts the close date on April 26, 2004.

What can I do to delay the auction so the deal can close?

Comments(3)

  • rup25th February, 2004

    60 days is a long time. The "Easy HUD" guidelines are likely giving you guidelines designed for a standard closing. I would go for a sooner closing time and you can extend the deadlines with addendums if you need to.

    As far as pushing back the auction, talk to the trustee (in the case of a trustee's sale). They have often have the athority to do it or will get permission from the bank.

  • Rachelle25th February, 2004

    If you have proof of funds and show that you can buy the property for the amount the bank wants, then they will postpone the sale. But it may not make it a good deal. For example: One house I tried to short and stop the sale the bank wanted $150k basically the retail value, so I said forget it and told the home owner I couldn't help. The second time the pay off was low and made it worth paying the bank the full mortgage plus the fees. I showed them proof of funds and they postpond the sale 60 days.

    So it can be done, but just make sure the deal still works...run your numbers.

  • consultwithme25th February, 2004

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    I have all the contracts and almost anyone can do this via contracts, it's not
    hard at all, if you can type yr name in some forms and sign and file it with gov., takes 4 bucks and done by certified ltr. I have clients and they contribute anywhere from just 300-1000 is all for my time. I have the form examples at no charge so you can see what I am talking about.
    check other message for email

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