Foreclosure in Ashton>Question Details

Chemist895, Home Buyer in Ashton, MD

We put an offer in a home in Ashton (MC7258397); non contingent and 20K over listing; no inspections, no closing, with renovation, etc

Asked by Chemist895, Ashton, MD Mon Apr 26, 2010

It is a foreclosure. The bank accepted a contingent offer that will expire in November...why they didnt accept our non contingent offer? How I can find out what the problem was? I dont understand. Thanks

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0 votes Thank Flag Link Fri Feb 8, 2013
Chemist895,

The banks when considering an offer look at the most important thing the bottom line or the net proceeds for the bank. it is possible that the others offers submitted for the property where higher then yours. Of course, it will be difficult to know this until the property actually sells to the new owner. But a lot of times a foreclosed property will sell for higher price then it is actually listed for particularly, if it is good condition and below other priced homes for sale in the same community.
0 votes Thank Flag Link Mon Mar 28, 2011
That does sound a little strange. Of course, I don't really know all the details. If you would like to send me an email I can check on it for you. Were you working with an agent? If so, they can also try to get some more info for you. If it is a case where the listing agent also brought the buyer, then it should be investigated to be certain your offer was submitted. If you'd like to send me the complete details with dates and all offer terms, I will see what I can find out.

Lisa Devnew
LDevnew@cbmove.com
0 votes Thank Flag Link Mon Apr 26, 2010
You buyer broker should have been guiding you through this process, if you went at it alone, then this may be the reason you missed something. If the property is a foreclosure and not a short sale, the forst problem that is hard to believe, is banks will want a closing within 30-45 days. They do not usually accept contracts with closings further out than that and do not accept ofeers contingent upon you selling your home. The best offer is a cash offer, quick closing and no home inspection contingincy. if you need a mortgage and have a mortgage contingincy, you should complete your inspections before, banks dont like home inspection contingincies. the other item that banks dont like is fha mortgages, if there are 2 offers , 1 fha and 1 not fha, they may take a lower price to avoid dealing with fha. A buyer broker who is well experienced in foreclosures can guide you through the process and help you get aq good deal on a home.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Apr 26, 2010
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