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I got the auction date pushed back a few weeks. The person I spoke with said that they don't set the minimum bid until two days before the auction. Houses with similar floor plans in my area are on auction.com with a starting bid around $25k below what I am selling for, but they actually seem to be selling for about $10k above what I am selling it for.
This is not some small-time investor, either. This is someone who is a major RE investor in the area and even teaches classes and writes books on the subject.
I'm tempted to tell him where he can stick it and refuse to extend the closing and just let the bank take it, but since there is no "time is of the essence" clause, I don't even think I can. I think they can compel me to close if it is within a "reasonable" amount of time.
You should have read his book or attended his seminar, One of the favorite strategies of RE investors, is to get a seller in a forclosure position and delay , delay,delay,delay, until you have no other options, once he gets you to the settlement table, expect the offer to change or go away completely, Most likely he is trying to flip your contract to some other investor from one of his 'classes', leaving you with practicly nothing or less then nothing. Make sure he spells your name i nthe credits of his next book
I got the auction date pushed back a few weeks. The person I spoke with said that they don't set the minimum bid until two days before the auction. Houses with similar floor plans in my area are on auction.com with a starting bid around $25k below what I am selling for, but they actually seem to be selling for about $10k above what I am selling it for.
My guess is the deal price isn't low enough. Investors don't usually buy for $10k below what comparable houses are selling for. If you don't have much equity in the house you don't have much leverage. If it goes into foreclosure, the bank will probably sell at a cheap price to cover their loan (if possible) and you're left with nothing.
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