Question Details

Diana Scott, Both Buyer and Seller in 46147

On a foreclosure home for sale do they take a contingents basis on whether you sell your home.

Asked by Diana Scott, 46147 Sat Nov 3, 2007

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Answers

6
I hope that your property is listed as a short sale. If it is priced above the market value it will never sell.
The bank does not stop the foreclosure process just because you have listed the property. You or your agent should be in constant contact with the bank. When an offer comes in, it should be presented to the bank who will either accept or turn down the offer. However, this could take up to six weeks. Make sure that your agent in knowledgeable and seasoned with foreclosure sales. If not, it is time to find another one.

Suzanne Kelly
Keller Williams Main Line Realty
Web Reference: http://suzekelly.com
0 votes Thank Flag Link Wed Nov 7, 2007
That would be highly unlikely. There is a time frame on these properties. Most want a commitment from thr bank in less than 20 days.
0 votes Thank Flag Link Sat Nov 3, 2007
Hi Diana. Typically banks do not accept contingent offers, but I would check with the agent representing the bank. If your property is already in escrow and closing soon, they might be interested in your offer, especially if the property you are buying has been on the market for a while.

If your property is just on the market, I am pretty sure they won't accept the offer and take the listing off the market.
Web Reference: http://www.theMLShub.com
0 votes Thank Flag Link Sat Nov 3, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
Like Ed said, in most cases...no. This means in some cases...YES. Banks are now open to many scenarios when they may have a potential buyer. The bank will look at the location condition and value and compare that with your list price and choice of agent to represent you. They want to see that your property is going to be marketed and not simply listed with the average agent that will place a sign then enter on the MLS and claim that they are actively marketing your home. Choose an agent that is truly experienced with REO properties and you may be surprised. Many "agents" will offer their opinions on this subject and the negative ones are those with no experience in this area so, stay away from them for sure. Go for it. You never know what might happen!
0 votes Thank Flag Link Sat Nov 3, 2007
Diana
It depends on the situation. I would make sure that I am represented by a good negotiator (not the listing agent...your own representation is best). You never know what they will do until you ask.

Depending upon the market, they might give you a "right of first refusal". At least that keeps you in the race. If not, arranging a HELOC (Home Equity Line Of Credit) is usually a relatively quick process, assuming you have a good credit score, documented income, etc.

I am a believer in that principle if you do not ask, you'll never know.

Best of luck!
0 votes Thank Flag Link Sat Nov 3, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
In most cases, no.

Banks are not interest in the fact that you will buy the home if you might possibly be fortunate enough to sell yours. Come to the table once you have cash in your pants... basically
0 votes Thank Flag Link Sat Nov 3, 2007
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