Trustee's sale cancellation?
I read the follwoing on a California Notice of Cancellation form: "Seller’s time for cancellation ends at midnight on the fifth business day following the day the
Seller signed the Equity Purchase Agreement, or until 8:00 a.m. on the day scheduled for the trustee’s sale of the Property, whichever comes first."
Let's say that I want to buy the property from the troubled owner JUST a few days before the Trustee's sale. I signed and he signed the Equity purchase agreement three days before the auction date. According to CA law, the seller can cancel up until 8:00 am the day of the auction. During this rescind time, I can not have him sign a Grant deed (for which I would pay off his loan past due payments, liens, etc..) Let's say the toubled owner does not cancel the equity purchase agreement on the scheduled Trustee's sale day. The Trustee's sale is scheduled for 11:00 am..
Q- How can I stop the auction if the seller has to sign the Grant deed and I would have to pay the loan past due payments, liens, etc...all in 3 hours ??
Q- How can you cancel a sale in this situation?
Comments(0)