Can I ask for the extension of due date, for the property bought at auction sale ?

Asked by Vrapelli, Los Angeles, CA Thu Sep 13, 2012

Hi,

I have attended the auction sale by sheriff, and ended up being the highest bidder. I paid the 20% of the bid price on the day of auction, and the balance 80% should be paid in 30 days. I am working on my loan process, bank said they typically need 45 days to close the loan. I have already lost 15 days.
Can I ask for the extension of due date? Will I end up paying fines or lose the initial 20%?
Please advise how to handle the situation.

Thanks in advance

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Answers

6
Vrapelli, Home Buyer, Los Angeles, CA
Sat Sep 29, 2012
Thank you all for your answers.

When asked for extension, The date can be extended by 10 days, provided if you can show the proof that you are working on the loan.

Cheers :)
0 votes
Vrapelli, Home Buyer, Los Angeles, CA
Sat Sep 29, 2012
Thank you all for your answers.

When asked for extension, The date can be extended by 10 days, provided if you can show the proof that you are working on the loan.

Cheers :)
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Fri Sep 14, 2012
Not all states have the same rules as it applies to buying properties at a sheriff auction sale. In most cases, buyers are expected to purchase these homes with cash within 30 days. It's possible that you can get an extension, however if you don't make the deadline to purchase the home, you will likely loose your initial deposit and face possible fines.
0 votes
Karina Abad, Agent, Hoboken, NJ
Fri Sep 14, 2012
Call your real estate attorney immediately, I believe your 20% down payment may be at risk.
0 votes
Melissa Caro, Agent, Jersey City, NJ
Fri Sep 14, 2012
You should ask the department who is handling the sheriff sale to answer those questions for you since every state has different rules and regulations. Best of luck to you!

Melissa Caro
Coldwell Banker
Downtown Jersey City, NJ
732-309-6568
0 votes
James Gordon…, Agent, Hamilton, OH
Fri Sep 14, 2012
Now is not the time to be investigating about forclosure sales. You need to talk to a real estate atttorney ASAP to save your ASSets.
0 votes
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