Short Sale Specialist Network

Realtor Short Sales Training and Resources

Stopping the auction

I have had success in stopping sheriff auctions in the past. I know of 3 techniques, but I am always looking for more b/c you cannot have too many weapons in your short sale aresenal. The 3 that I know of:

1. An offer, even if it is a low ball, can stop the auction.

2. Bankruptcy.

3. Faux bankruptcy where you can file and then withdraw before it becomes final (this is an absolute last resort and I do not really recommend it).

4. Begging? - Haven't tried it, but I guess it could work if you found the right person.

Any other tips or tactics are greatly appreciated.

Tags: auction, auctions, sheriff, stopping, the

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Replies to This Discussion

Permalink Reply by Nancy Fraser on August 3, 2010 at 3:21pm

Hi Gregg

I have also had an auction stopped when resubmitting a package after the bank has closed the file.

Permalink Reply by Tim Sweeney on September 2, 2010 at 4:58pm

when you put in an offer like that, who is the buyer? don't they require proof of funds or a pre-qual letter?

can they tell that it's not a real offer from a real person?

Permalink Reply by Scott Marvin on January 27, 2011 at 1:09pm

I just had one with Wells go to sheriff auction. They did several postponements but we could not get an offer high enough to satisfy the investor. This was an investor's property who was facing a tax penalty so we tried for as high a price as possible. Looking back that may have not been such a good idea. BPO's are often influenced by the list price. Our BPO came in high and the investor would not do another one. I am finding the short sale works better with a little bit of a listing history and a record of price reductions. If the price is too high compared to the offer it could prevent the property from ever getting approved because the BPO will come in too high and no offer will ever satisfy the bank.

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