Home Buying in New Brighton>Question Details

William27, Other/Just Looking in Ramsey County, MN

There is a home for sale (foreclosure) that I am dying to buy but won't be approved to buy for 3 months, is there a way I can sort of call dibs

Asked by William27, Ramsey County, MN Mon Jul 25, 2011

on it? For a particular FHA Home Loan which I would be approved for I can't get that going till October. I really want the home and am pretty willing to do whatever it takes to get it. Is there a way to maybe put money down or talk with the bank that owns it or anything where we can show them how serious we are and that we will buy it as soon as we can????

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If the property is for sale it is available to the first buyer who can close. There are no dibs. In this market, as foreclosures sell very quickly, it is doubtful a property will be available in October that is for sale now. But you could monitor it.

You could make an offer now with a closing date out 90 days, but I doubt that a lender would accept it. They want to close in 30 days for financed sales and 2-3 weeks for cash offers.

Sorry.

Steele V. Propp
Foreclosure Specialist
steelep@aol.com
1 vote Thank Flag Link Mon Jul 25, 2011
if it is an REO the simple answer is no. This is why I always stress people should get financing before they start looking to avoid this issue. Your best hope is to wait and see if the property is still available once your financed.

Thanks!
0 votes Thank Flag Link Mon Jul 25, 2011
William,

You need an experienced agent to plead your case to have any hope. Do you have any cash you can offer up front as nonrefundable earnest money for them to take a shot on you?

Cameron Piper
Coldwell Banker Burnet
licensed MN Broker
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Mon Jul 25, 2011
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