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Kevin Scanlon
  • Real Estate Agent
  • Pawcatuck, CT
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CT Judicial Foreclosure Question - Awaiting Court Approval of Sale Agreement

Kevin Scanlon
  • Real Estate Agent
  • Pawcatuck, CT
Posted Aug 19 2014, 09:13

I was the successful high bidder at a foreclosure auction late this spring for a single family home in my neighborhood in Pawcatuck, CT. Actually, I was the only bidder and was able bid one dollar over the minimum bid (which ended up being about half of the bank's recent appraisal of the property). All good right? Well the family seems to have an industrious attorney and is managing to delay and extend the entire process by whatever means necessary. They have filed objections to motions, requests for argument for non-arguable matters, extensions of hearing dates etc. etc. All the while, my hefty cash deposit is tied up pending the approval of the sale by the court. If it is approved, I must come up with the balance of the agreed sale price within 30 days. I'm basically stuck in limbo as I watch other deals come and go. This is my second foreclosure deal in CT. The first one when relatively smoothly and was approved and closed within about 2 months.

My questions for today: 

Does anyone else here have foreclosure buying experience in CT? Is there any theoretical limit to the length of time this approval process can take? Are there any probably (or likely) outcomes that will result in the sale agreement being cancelled? 

Thanks so much in advance!

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