Home Buying in Redford>Question Details

Cynthia Brown, Home Buyer in Farmington Hills, MI

I recently saw on Trulia a home I had bid on and it sold for $20,00 less that what I offered. It this normal

Asked by Cynthia Brown, Farmington Hills, MI Mon Oct 13, 2008

best practice for a bank owned homes?

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3
There are other factors than price that come into play when accepting an offer to sell a home, such as terms. If the other buyer had no mortgage contingency, or was all cash,, their offer would be accepted for example.
1 vote Thank Flag Link Mon Oct 13, 2008
There are many other factors the bank considers other than price. first is cash with no contingincies, then mortgages, what type of mortgage, is teh buyer pre approved or just pre qualified, what did the buyer ask for, are there any contingincies, how much of a deposit was put down and when can it close.

Your best option if you are getting a mortgage is never ask the bank to fix anything, dont put any contingincies in the offer, put at least 1% down if not up to the full maount of your down payment and close within 30 days. good luck on the next one
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 13, 2008
Terms is the word. All cash deals get better consideration. Also if you have your mortgage committment in hand, you go to the front of the line. You don't need a mortgage contingency. Also having a good agent helps alot.
Web Reference: http://Paulmvpteam.com
0 votes Thank Flag Link Mon Oct 13, 2008
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