How to postpone an auction

Question

I have a file that has I have been working on for ever with Indymac. My bid is 150k and the idiot who did the BPO said it was worth 220. They told me wait for the BPO to expire which was yesterday and resubmit offer.

My problem is the auction date is set for March 20th. I have never had to postpone an auction, how do I go about doing it?

Mitsu O'Riley · Answer

Go to the judge with your file in hand. The judge may postpone for you to get you the time you need. 
Otherwise, ask the negotiator you are working with to "request postponement of sale". 
Have you sent them info on why you feel this home is worth $150k? Comps and repair sheet? That can help make a decision to postpone until the BPO comes in.

They might want to wait for the BPO to see if your offer is worth putting it off sale date. 
I would keep calling daily (or so) to see if it's been done.

Tracy Venezia-Royce · Answer

How is the property secured? Change the lockbox to a contractor lockbox and have the MLS/access instructions state they have to meet you there, and meet the BPO agent. You'll have more aresenal when you talk to the bank, and should be submitting low comps to both the bank with your package and the BPO agent...but yes call the loss mit department and HELP them understand why they should delay the sale (typically through your offer which will net them more than letting the property go to auction). Use a HUD-1 and only give them what they request, don't bog them down. 
            
            Tracy Royce 
           [REMOVED]

NOE R. · Answer

Most lenders only work with one transaction at the time, if he tries the forberance agreement they may cancel the Short Sale and only work trying to approved the forberance.

Robert Adams · Answer

Have you tried to get a forbearance yet?

NOE R. · Answer

What I did before is called and get Loss Mitigation department, informed them that I have an offer, they gave instructions: Items to send & fax number of the rigth department, then I mentioned about the Trustee Sale and request to be postoponed. 
It takes about 48 hours to get on their system, called back to verify your offer is on their system, check with them about the postponement and then verify with the Trustee make sure they got the order to postponed, some cases they get that order one hour before the sale.