Submitting the bid through the listing agent does not mean that more of the the money will go to the seller. It only means that more of the money will go to the listing agent, because she will not have to share the commission. Instead of trying to out-think the professionals, why not find a good buyer broker to represent you.... more
The contract is between the buyer and seller with the condition that the lender approves the contract. So the answer to your questions is YES - a seller can reject a low offer and NOT submit it to the bank.... more
Rob, I do many 203k loans in Long Island and NYC area. I can tell you that I have a deal right now, were the bank is giving the buyer a credit for the damages caused in the storm. Banks will almost never do repairs, they are simply trying to sell the house in as-is condition, not make any repairs. If I were you I would look for some sort of credit, if they're even willing to do that.
On the flip side, you're not obligated to purchase the house being that the condition of it is not as it was when you initially saw it. But you should discuss it with your attorney. Depending on how the contract is drawned, you very well might be able to walk!... more
You purchase a short sale home the same way you would any other home on the market. All the requirements, such as downpayment, will be determined by your mortgage company. Your loan officer would be able to tell you what loan program you qualify for and how much you would need to put down. Can be as low as 3% down for FHA loans. Good luck.... more