Belt Auction

How fast can you stop a trustee auction on a home?

We found a property in California that we like. The property is due to be auctioned off on Tuesday at 10:00 AM. We put in a bid and it was basically accepted pending the approval of a short sale. Basically, the seller wants to sell to us, and I would assume the bank would want to sell to us and not have the home go to auction on Tuesday. However, we're not sure if the auction can be canceled by Tuesday, mostly because the bank will be closed on Monday due to the holiday. The agent for the seller says he's pretty sure the bank will approve the short sale if we can stop the property from going to auction but again, it's supposed to be auctioned on Tuesday morning. So I guess my question is, does anyone know how fast a property auction can be canceled/postponed? If the bank employees come in at 9 AM on Tuesday and the property goes to auction at 10 AM, would they be able to cancel/postpone the auction within that hour?

Public Comments

1. They're not canceling the auction unless you walk in with the cash. They don't know if you can even secure the financing. They're going ahead with the auction. Why don't you go to the auction... you'll probably save a crapload of money. It's not like you're going to get into some crazy bidding war on a house that's been sitting on the market for a year already. If you've secured your financing go to the auction.
2. How was it "basically accepted?" The foreclosing owner accepted? Then it wasn't accepted, the lender has to approve the short sale. I doubt they will stop the auction. There is alot of effort that goes into scheduling an auction, so it will most likely go forward as planned. You can call at 9:00 sharp Tuesday and see what you can do.