Foreclosure in 11209>Question Details

Ana Lazo, Home Buyer in Brooklyn, NY

Why and auction is posponed? I have been following a house for over a year and its auction date has been canceled four times. Why this happend?

Asked by Ana Lazo, Brooklyn, NY Tue Sep 21, 2010

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7
Don't get me started on this one.... Banks are so incredibly overloaded with work and understaffed. A lot of times they just can't make up their mind on value. I've seen banks list properties for $1.8 that sold for $2.6 and banks list properties for $1.25 and not take less than $1.5.
0 votes Thank Flag Link Wed Sep 22, 2010
There are normally a couple of reasons. Some of the most common are: Bankruptcy, stays granted by the courts(typically an attorney makes this more successful), a short sale in negotiation, a loan mod in negotiation, or even just the buyer asking the bank for more time. Depending on the bank, the situation, and the courts, each foreclosure can be uniquely different. Sometimes, homes can be in foreclosure for years as a result. Hope that helps.
0 votes Thank Flag Link Tue Sep 21, 2010
The buyer may have caught up on the lien? Trying to keep the property!
0 votes Thank Flag Link Tue Sep 21, 2010
If you are not the homeowner, there is no way to get the exact reason...Everything here they wrote is just a guess.

Hope this helps and good luck :)
0 votes Thank Flag Link Tue Sep 21, 2010
It could be due to many reasons such as the owner trying to reach an agreement with the lender as to payment, the courts being backlogged, attorney involvement, etc.
0 votes Thank Flag Link Tue Sep 21, 2010
An auction can be postponed for many reasons:
Homeowner made an agreement and/or payment with lienholder
Court - The courts have to approve the auction and they can hold up the auction for many reasons
Auctioneer- Scheduling conflicts,
ETC...
- If I can be of any further assistance please don't hesitate getting in touch with me.
Thank you
Corey Wasserman, Associate Broker
Bergen Basin Realty
718-763-4110
http://www.bergenbasin.com
0 votes Thank Flag Link Tue Sep 21, 2010
I had a buyer in contract on a short sale property that was very close to auction. The auction date was set and there were those that had been watching the home ready to bid. We closed the transaction 2 days prior to the auction date. Those that were watching were shocked it wasn't available that day. I am just guessing but it might be because the lender/note holder has given an extension for some reason. Is the house on the market for sale right now?
0 votes Thank Flag Link Tue Sep 21, 2010
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