Home Buying in Dayton>Question Details

Boss Lady, Home Buyer in Trotwood, OH

I asked the question about pre-qualifying... we want to buy a foreclosed property,can we still enter an offer contingent on sale of our property?

Asked by Boss Lady, Trotwood, OH Sat Jan 19, 2013

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6
Scott Godzyk’s answer
Simply put NO. Banks will not accept offers contingent upon a buyer selling their home. you will need to sell it forst or seek a bridge type loan or such to be able to purchase the bank owned home without contongincies.
0 votes Thank Flag Link Tue Jan 22, 2013
Banks in this area will not do contingent offers at all. Ask your lender to see if you can buy without doing a contingency. Welcome to call me for help with finding a lender if you need one. Feel free to contact me for any information that you might need. If you are already working with an agent please contact them with any questions.
Thank you
Tammy Westfall
937-478-6058
0 votes Thank Flag Link Tue Jan 22, 2013
You will not get a loan contingent on the sale of your home. However, if you qualify for both homes then you can put an offer on the house. You need to talk to a lender to see if you qualify for both homes. if you working with an agent, that agent should be able to answer these questions for you.
if you are not working with an agent, plese call me.
Grace Siefer
937-554-5159
0 votes Thank Flag Link Sun Jan 20, 2013
I do not know of any banks at this time, that will take a contingent offer of that type on a house.
0 votes Thank Flag Link Sat Jan 19, 2013
Rarely is this done in today's market climate. Banks are normally looking for the best price as they are already taking a loss on the mortgage, best terms and a buyer who is able to go forward with no strings attached. A purchase contingent on selling your property first is not considered to be a strong offer.
0 votes Thank Flag Link Sat Jan 19, 2013
You can, but a contingent offer is not as strong as unemcombered offer. Foreclosed properties take a long time to get responses from banks it most likely is not worth the effort and I am not sure the bank would even entertain the offer. Best advice, ask the listing agent of the property as they would know what the bank is willing to do.
0 votes Thank Flag Link Sat Jan 19, 2013
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