Getting an auction postponed?

Question

I have someone wanting to sell me his house. Auction in 2 weeks. Deed still in his dads name. How can I get the auction postponed so I can wrap this deal up?

Account Closed · Answer

If the bank was notified of the passing and the bank properly notified everybody of the foreclosure, they aren't required to do anything additional and will probably hold the auction.

If the dad was the only person on title, it probably requires an heir to be appointed executor before they can sell the property to you.

You can have someone that is on the loan contact the bank and ask how much to reinstate. You can reinstate the loan and then buy the property. That comes with it's own set of risks that are very real, so I wouldn't suggest that unless you can guarantee you will be buying the property.

Sometimes a bank will postpone a sale because a butterfly flapped it wings in Nigeria. (inside joke) Meaning they do odd things for reasons they never tell anyone. That gives you time to complete the purchase.

You might be able to contact the bank and tell them you are in the process of buying the property. Sometimes they would rather the property be bought without the hassles of going to auction.

The strategy is dependent on a lot of variables.

And the one guarantee is that if you do nothing you will not buy the house.