How to stop the sale at the last minute!!!

9 Replies

This happened by complete accident. Once I got it stopped and I knew it was going to close, I had to share this with you..... I have a home in downtown Orlando that I was going to let go to sale because I couldn't find a buyer and I didn't want it (war zone). The day before the sale someone made an offer for full asking price. I wasn't sure what to do with it beacause we were so close to the sale, so I submitted it anyway. The bank said they would accept after repeatedly calling to make sure that loss mitigation had it. They called the sale off, then delayed as usual. The buyer walked because of the delay, so now what? I marketed it on craigslist and have now found a buyer for $4k more than the full price offer I was asking....I'm not sure if every bank will stop the sale if they are getting what they think is fair, I am just letting you know my experience so you can try it out if you run out of options or time.

The deal:

1st $24k

asking $35k

contract to sell $39k

bank finally took $18k (maybe they shouldn't delay)

P.S. I also submitted a POF and copy of earnest money check with the offer. This may have been crucial in getting the bank to stop, I'm not really sure. You should always include these in your ss packet.

Mercury,
Can you be more specific about the background? Were you being foreclosed on or did you have a property you found and wanted to wholesale?

Was it going to auction and you stopped that by submitting an acceptable short sale package?

Thanks for the clarification,
Jonathan

This was a property where the homeowner called me the week before the sale. I did not want the property, so I marketed it to see if I could find a buyer. I submitted the ss package right away with a low offer from me, it was not accepted. When the higher offer came in, I submitted, and they accepted and stopped the sale......The buyer did not close because if the usual delay from the bank side. After 2 months we are finally closing with a new buyer and the bank has agreed to take less.... The lesson here is, if it is getting close to the sale, you may want to get someone to make a high offer. They may not close, however it may buy you time by getting the bank to stop the sale.

Good call! Thanks for sharing your experience. 

Do you have any idea how to stop a tax sale at the last minute before it go to auction? 

Originally posted by @Tron Pham :

Good call! Thanks for sharing your experience. 

Do you have any idea how to stop a tax sale at the last minute before it go to auction? 

 easy...pay the delinquent tax amount.

@Ron S. even on the  day of the auction? 

Originally posted by @Tron Pham :

@Ron S. even on the  day of the auction? 

Yes. If done properly, even on the day of the auction.

Originally posted by @Ron S. :
Originally posted by @Tron Pham:

@Ron S. even on the  day of the auction? 

Yes. If done properly, even on the day of the auction.

 dont know about GA tax sales but in CA.. they usually start at 10 to 11am  and at 8am the tax collectors offices is full of people paying their tax's  LOL

Originally posted by @Jay Hinrichs :
Originally posted by @Ron S.:
Originally posted by @Tron Pham:

@Ron S. even on the  day of the auction? 

Yes. If done properly, even on the day of the auction.

 dont know about GA tax sales but in CA.. they usually start at 10 to 11am  and at 8am the tax collectors offices is full of people paying their tax's  LOL

 most of the California foreclosure sales I hold, if there is any "filing" at any time on the day of the sale, we will cancel our sale. We do a datedown the day before the sale to make sure no one filed BK or other stall tactic but in general, if our sale is at 1:00 and someone gets a postponement for some reason prior to that 1:00 start time, we would have to postpone or unwind any sale that may have occurred. The cost of litigation isn't worth it when fighting over who's time clock is more valid.

Originally posted by @Ron S. :
Originally posted by @Jay Hinrichs:
Originally posted by @Ron S.:
Originally posted by @Tron Pham:

@Ron S. even on the  day of the auction? 

Yes. If done properly, even on the day of the auction.

 dont know about GA tax sales but in CA.. they usually start at 10 to 11am  and at 8am the tax collectors offices is full of people paying their tax's  LOL

 most of the California foreclosure sales I hold, if there is any "filing" at any time on the day of the sale, we will cancel our sale. We do a datedown the day before the sale to make sure no one filed BK or other stall tactic but in general, if our sale is at 1:00 and someone gets a postponement for some reason prior to that 1:00 start time, we would have to postpone or unwind any sale that may have occurred. The cost of litigation isn't worth it when fighting over who's time clock is more valid.

I was talking about tax sales not foreclosures..  in Oregon had many a foreclosure stopped day of by BK  

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