I have just made an offer on a forclosure home in Michigan. I should have made a cash offer but instead put

Patty
Home Buyer
Michigan

in my offer as pre-approved for a new mortgage. I understand there are several other offers that have come in for this home along with mine. I really would like to have this home and was wondering...
If, at this date, no offer has been accepted YET(by the seller), would it be possible for me to have my realtor write up a new offer, in my behalf,...with a better price as well as listing it as a cash offer to better my chances of my offer being accepted? OR... am I not allowed to make another offer since I already submitted my first offer?

Answers (1)
Michael J Kelly...
Agent
Santa Rosa, CA
FIRST ANSWER

Patty, Call your Realtor, have him call the listing Agent immediately and tell him you are preparing an all cash transaction and you wishi to cancel the current offer and fax over the new offer ASAP! Show "proof of your cash" in the form of either letter from your banker, account statements (black out account numbers!) and then submit your offer. Is this a "short-sale" or a Bank Owned foreclosed property (REO)? If a short sale, they are probably going to keep letting the offers "stack-up" and submit to the lender when their "committee" meets. If an REO then the listing agent may just be waiting to get a hold of his lender to present. Lenders LOVE cash deals!! Especially when they are the Seller!! Are you an investor or owner occupant? Some lenders lean towards "home owners" and may, regardless of your offer, go with the prospective homeowner.

Mon Dec 10 2007, 19:08

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