I wouldn't just cancel the contract you have lost pending income,, if they had a signed lease.

NAR: Feb.’s pending home sales leap 5.5%Pending home sales rebounded sharply in February to their highest level in nearly a year and second-highest level in over a decade, according to the National Association of Realtors® (NAR).

So I have verbally agreed to a sales price pending inspections on another duplex in Cleveland.  

Just finished another rehab and went pending after 2 days on the market.

And today I checked on MLS and it looks like there is a pending offer on it.

So pending on which state it's in 100% occupied you should have much trouble vs 0 occupied where you have to give them a plan of action of rehab and occupancy timelines. cap rate and or ROI, rental history plays a factor as wellThis is past you having sufficient downpayment and worthy credit.

.- second auto alert can be for pending listings so you know which ones went into pending status.

A portion of his loan is pending a renovation estimate from a contractor, and the contractor he's been working with has gone MIA. 

If you have a tough occupant, I am less worried about the time it takes to get them out than the damage they may do while they are in the pending getting kicked out.Best practices: find an agent who works the foreclosure circuit and knows how to assess the property in terms of it's renovated value versus upset value and potential first bid price.

Was the notice that the property went up for auction already or was it a notice of Lis Pendens, which is notice of pending legal action?