Have a contract but can’t close before the auction date

[Cameron Gallman]

Hey Bigger pockets family! I'm hoping some Yvan help me out here. I have just signed a contract with a seller to purchase their property. However the home is scheduled for an HOA foreclosure auction in 7days. I don't have the resources to close that quickly. Can I somehow use the signed contract to stay the foreclosure and give me time needed to close?? Any suggestions would be helpful. I am in Tampa Fl.

Thanks!

[Jay Hinrichs]

Quote from @Cameron Gallman:

Hey Bigger pockets family! I'm hoping some Yvan help me out here. I have just signed a contract with a seller to purchase their property. However the home is scheduled for an HOA foreclosure auction in 7days. I don't have the resources to close that quickly. Can I somehow use the signed contract to stay the foreclosure and give me time needed to close?? Any suggestions would be helpful. I am in Tampa Fl.

Thanks!

no offense but do you really think its right to go into contract on a distressed property when you personally have no means to close it. and the only way you can is if you find a buyer. Did you tell the seller this that they are risking losing their property by dealing with you  ( a buyer that cant actually close )..   curious as to what value you really think you brought these folks??