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J Yale, Home Seller in Grand Forks, ND

We have a signed purchase agreement on a home that was going to be foreclosed upon. We just found out that

Asked by J Yale, Grand Forks, ND Fri Feb 22, 2008

the house will be auctioned off at a foreclosure sale 8 days before our scheduled closing date. Is there anything we can do other than move up our closing date? Will that even work? It may not be possible to move up the date since we are also selling our house -- then what?

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You say you have a signed purchase agreement for a house that's being foreclosed upon. Is it a short sale? If it is then the lender must OK the purchase agreement as well. You didn't say how much into the future these events are occurring. It's often difficult to speed a lender along in agreeing to a short sale. But, if that's the case, then your Realtor should be in daily contact with the lender. You can also ask the lender to delay the sale, but I haven't heard of that technique working very often.

If it's not a short sale, one option is to get the lender to delay the foreclosure. Possible, but not likely. Moving up your closing date would be best, but, as you noted, may not be possible because you still need to sell your home. I've heard very good things about these "Sell Your Home in 5-Day" strategies. Really, though, it takes 2-3 weeks, at a minimum--relies on blitz marketing and a round-robin auction. You might look into that as a way of selling your home quickly.
0 votes Thank Flag Link Fri Feb 22, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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