Belt Auction

Our house is about to be auctioned off on Tuesday. We have a buyer for the home.?

We have a real estate agent working with us and have managed to find a buyer for the house. We have completed a residential contract with the buyer through our agent. Can the house still be auctioned off, even though we have a buyer?

Public Comments

1. it all depends on what your lender says; if yours is an absolute deal, he is better off waiting for your escrow to close than chance a sheriff's sale. available to guide further
2. You MIGHT be able to save it. Have your agent talk to your lender first thing Monday morning. I hope that they've already been in contact before today. Lenders don't want to own houses. They would rather that you sell it. Does the contract you have net enough for the lender to be paid all that is owed to them? If not, it might take a long time to close, even if the lender stops the foreclosure proceedings - this would be a "short sale", and your Realtor must disclose this to the buyer.
3. If your house if being auctioned off you are no longer the owners of the property. The buyer can make a deal with the bank but the contract is not valid if you don't technically own the property any more.
4. Your buyer will just have to go to the auction and bid on it. Once it has already gotten to this stage there is not much you can do, but you can buy it back yourself too and then sell it on your own.