However, a little while later I got a call from him and could hear her screaming at him in the background......He said he had inadvertently started world war three and would have to postpone our meeting. 

.#4 Don’t Postpone Investing by Looking for the Perfect DealReal estate investors are tempted to look for the perfect deal, especially when first starting to buy investment properties.

Not sure if a bankruptcy would change the parameters or not but that may be a better option for the seller. yes if the bank reports the debt as forgiven.. there is an IRS form though you can file with your tax's that says your broke.. then you don't own the tax's on the forgiven amount.. during the crisis IRS postponed this so no one got that treatment but that sunset and now short sales or debt forgiveness needs to be calculated …. the forgiven debt is tax as ordinary income so a 1 mil forgiveness could be a 300 to 400k tax bill..

Much of that is dependent on the bank, if you mean to postpone the sale with just a contract.

If you have an inspection contingency, you can request to postpone the closing until the repair items are completed, if the seller agrees.

This all happens twice more, & by this time Bob is now frustrated & a bit angry, because his plans are being postponed by one unsuccessful offer after another.

Also, the home could have a sale date and go into foreclosure at any given time, or not successfully postpone a known sale date, so you could wait for months only to have the rug pulled out from under you at a moments noticeBack during the recession, i had buyers wait several months on a short sale..

A foreclosure means that the property is in default and has passed the "grace period" and a sale date has been set.3) A foreclosure sale is when the borrower fails to correct the default before the sale date and the bank doesn't postpone the sale date and takes the property "to sale".

Did the bank say they would postpone the sale?

Consodering 1st mrtg holder will foreclose immediately if this shortsale doesnt go through, (they are postponing auction date so this deal can have a chance to go through) hopefully 2nd mrtg Ditech wont ask for too much and Senior lien holder will be willing to provide those funds without adjusting our approved purchase price.