Foreclosure in 92683>Question Details

Helloforeclo…, Home Owner in 92683

Apartment Complex is going into Public Auction Oct 11 2011. How do I stop it? I was denied the first offer and they did not offer a counter offer.

Asked by Helloforeclosure, 92683 Fri Oct 7, 2011

Called lender, they said the offer was too low but they did not offer a counter offer. Cannot file BK bc Monday is Columbus day. Auction is scheduled Tues at 9am! HELP!!!

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Mike McGinn’s answer
I don't see an apartment complex 92683 that had a scheduled auction date for 10/11 so I'm not sure if the auction happened. However, I just saw your question.

Unfortunately, the bank isn't required to give you any kind of counter offer. Only if your offer is close to what they will get at auction will they counter. The problem is that they can have unreasonable expectations about what the property will bring at auction.

Lastly, BK is a misunderstood, very temporary fix if there is no equity in the property. When the auction date is that close you have very limited options. Submitting a better offer may have been your only option and it was probably too late for that.

Feel free to give me a call if you'd like to discuss further. Best of luck.
0 votes Thank Flag Link Mon Oct 17, 2011
Unfortunately welcome to the real world of foreclosures, auctions and short sales. This is a very frustrating part of the real estate biz to say the least. Even polished and experienced RE pros become frustrated and discouraged in this arena.

From the tone of your question it sounds like you're trying to do this on your own. I would strongly recommend that you seek the advice of an experienced RE professional who specializes in distressed property acquisitions in your area.
0 votes Thank Flag Link Sat Oct 8, 2011
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