Did you notice that this question is one year old? I'm gonna guess they got this issue resolved and aren't going to have to rely on your keen expertise. You also just answered someone's August 2008 question about home values by the end of 2008.
You're just making your self look bad dude.
I can see why she's not recommeding you to place an offer contingent upon closing your existing home. Banks wants to deal to close as soon as possible and they don't want to wait until your property closes. My suggestion is to wait until the closing of your home is finished and start looking for another house.
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Also, your agent maybe trying to save you from unnecessary confusion. Some banks are very slow to respond. And when I mean slow, they can take their sweet time in responding to your offer.
If you are selling and don't know whether or not the bank will accept your offer, can you see how that screws everything up and only causes you more confusion than necessary???
The banks will take offers with contingencies. However, once they accepted the offer, along with the acceptance, they will request that you close the house within a certain period of time, otherwise, the deal is off.
Yes, your agent should show you all houses that fit your criteria, REO or not, and let you decide whether you can accept the terms and conditions of the specific house you might be interested in. That's where the negotiation comes in. If the bank for that specific won't accept the contingency you have in mind, than that's when you go on to the next property, not before.
My theory is, if you don't try it or don't ask for it, you will never know if you can get it or not.
You should be able to check out REO properties. I am an REO listing agent and have not seen any memo from the banks stopping anyone with sales contingency. I agree with you, you are missing out because 25 to 30 % of current listings in your area are either REO or short sales and your agent should exercise her agency relationship,ie. your wishes are law unless you are asking her to do something illegal. I feel bad for you but I wish you the BEST.
Sometimes people think they are helping you when they have actually lost sight of what an agent is.
We do everything we can to get you what you want. In doing that the real test is in trust between you and your agent. She might be absolutely correct that most banks won't accept offers with sale of home contingencies but I bet that for the right amount of consideration from you to the bank they might.
The most important thing to remeber is that you are the principle and she is your agent.
Unless your agent speaks with the listing agent, there is no way to determine what the seller will, or won't take with certainty. I can understand your agent advising you against viewing and offering on properties where the listing agent has clearly stated their owner will not consider a contingent offer. This would hold true for any seller, bank or indvidual, some will and some won't accept a contingent offer. There are, however, many factors to consider, such as:
- How close are you to having contingencies removed on the sale of your home
- Are you the only offer on the REO home
- How long has the REO property been on the market without offers
- How close is your offer to asking price
If you are truly interested in some of the properties on the market that are REO, have you considered some other options for opening your buying possibilities to these properties. Can you stay in your home on a lease back for a couple of months after closing? Can you make a temporary move into an apartment after closing and shop for homes at that time?
If you are finding that none of the non-REO homes meet your needs, perhaps an alternative solution, like those suggested above, would benefit you in the long run.
Good luck in finding the perfect home & Dare To Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty