I'd also talk to your title company/attorney to get some insight from them.I have subscribed to a number of local auction announcements, and I often see properties getting removed from the list.No, sorry you cannot work with the county/town or title company to extend the sale. 

Let him compare it to an extended stay hotel.

If you're putting everything you have into a non-expensive property (possible read as a run down or lower classified), you may find yourself even more financially extended when stuff breaks down or repair/renovation costs. 6) What is your plan on what to do with the unit?

Since you have such little credit limit, it seems rather unlikely they would extend you so much extra.

She recently extended the opportunity for us to purchase the home at a discount, which may be ~$700K.

That limits your coverage to things like Fire, Lightning, Windstorm, Hail and up to 14 other perils if you paid to add the extended coverage riders.6.

Keep in mind sometimes the extend of the issues with the house is not known to the seller.

Ask to extend the closing date—get yourself more time and then take this deal to an EXPERIENCED wholesaler in your market and ask them to push it their buyers list and see if anyone is interested.

Plus you get the other perks like dispute resolution (needed it for bad carpet cleaning once), or the extended warranties (haven't had to use it luckily)

When acquiring the property do all the work in the first month and not have to worry about it for extended period of time..