If the repair items are minor, the lender is not at all likely to fix them. Bank owned properties are "as is". You basically have to decide whether to take it or leave it. Ask your Loan Officer to hold off on the appraisal until you make this decision. You don't want to end up paying for an appraisal on a house that you aren't going to buy. If you decide not to purchase the property and if the purchase agreement is contingent upon the inspection, then you should get your earnest money back, but you will not be reimbursed for the cost of the inspection.... more
I have talked to an attorney about this specific question. The answer is no, you can't write multiple purchase agreements on multiple properties.
If you want to speed the process, have your agent put language in the purchase agreement that the seller must respond to your offer within 48 hours or the offer is null and void.
The 'three day rule' applies to purchases made on the internet. Unless there is specific language in your purchase agreement, (in the form of a contingency) there is no such thing as a 3 day grace period.
Frankly if I were a seller, and I had multiple offers on a property, and your offer had the 48 hour contingency or the 'we're writing multiple offers' contingency, your offer would go to the bottom of the pile.... more
Work with your agent to cancel the agreement and get your earnest money back if you do not wish to purchase this property. Be fair to yourself, the sellers, the agents involved and the house - these homes need owners who will love them! Liz 612-986-4105... more