Foreclosure in 08094>Question Details

Brenda, Home Buyer in 19701

I have my house on the market and need it to purchase a REO. Will the bank work with me e.g. contingency?

Asked by Brenda, 19701 Sat May 9, 2009

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5
The bank will not take a contingency. The bank is about numbers and money. If you are not ready to settle, the bank typically will not wait. They probably won't even look at your offer. Once your home is sold, and you have a solid offer, then you can proceed with an REO. Wish you all the best. Hope your home sells quickly.
0 votes Thank Flag Link Mon Oct 31, 2011
Hi Brenda, good advise so far - no the bank will not consider a home sale contingency - flat out. It is best to wait until your home has sold and they you'll be in a very strong position for any purchase.

Good luck to you.
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun May 10, 2009
My suggestion do not look at REO's until you have your house sold. You should not even be looking at them until you can purchase one of these. It may not be the answer yo want to hear but it is the ultimate answer.

You have some options though... there are other things you could do to purchase but the way it sounds from your statement you are limited.


LArry Sarlo
Weichert Realtors
609-868-1171
http://www.lsarlo@comcast.net
Web Reference: http://www.NJHomeHunter.com
0 votes Thank Flag Link Sat May 9, 2009
No. Banks want a sure deal not a maybe deal in the future. I never remember seeing a contingent sale. IF you want the property you will need a non contingent offer. The banks would rather take less money than a contengent deal.

You need to thing of this issue in your own world. You purchase a house and are making payments on a house that you are trying to sell. So now you have two mortgage payments that you really can not afford! What would you do if someone says I want to offer you x but need to sell and close my house. Would you like to know when you will close? What happens if the buyer does not get as much as he thinks the house is worth? Will he want to re-negotiate? How much money have you lost on payments waiting to find out they may not be able to afford the property.

Hope this helps you understand the banks position.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconsin
0 votes Thank Flag Link Sat May 9, 2009
Most banks will not work with you or even negotiate in regards to a contingency offer. Your best bet would be to develop a plan B and see if you can purchase without selling your existing property. Possibly negotiate a settlement date out a little further than normal, that would also give you some time to sell you current property.
hope this help

follow my @ twitter.com/dawnbricker
0 votes Thank Flag Link Sat May 9, 2009
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