Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago,

User Stats

48
Posts
12
Votes
Kevin Scanlon
  • Real Estate Agent
  • Pawcatuck, CT
12
Votes |
48
Posts

CT Judicial Foreclosure Question - Awaiting Court Approval of Sale Agreement

Kevin Scanlon
  • Real Estate Agent
  • Pawcatuck, CT
Posted

I was the successful high bidder at a foreclosure auction late this spring for a single family home in my neighborhood in Pawcatuck, CT. Actually, I was the only bidder and was able bid one dollar over the minimum bid (which ended up being about half of the bank's recent appraisal of the property). All good right? Well the family seems to have an industrious attorney and is managing to delay and extend the entire process by whatever means necessary. They have filed objections to motions, requests for argument for non-arguable matters, extensions of hearing dates etc. etc. All the while, my hefty cash deposit is tied up pending the approval of the sale by the court. If it is approved, I must come up with the balance of the agreed sale price within 30 days. I'm basically stuck in limbo as I watch other deals come and go. This is my second foreclosure deal in CT. The first one when relatively smoothly and was approved and closed within about 2 months.

My questions for today: 

Does anyone else here have foreclosure buying experience in CT? Is there any theoretical limit to the length of time this approval process can take? Are there any probably (or likely) outcomes that will result in the sale agreement being cancelled? 

Thanks so much in advance!

Loading replies...