Foreclosures aren't so bad once you get past the offer! All foreclosures are "as is" and any buyer submitting an offer must submit a letter stating they have seen the property and agree to take it "AS IS" (ie: "as-is addendum). Whether or not you would like to do an inspection, they will not negotiate the price. Its sounds good for you! You should receive an accepted offer soon and make sure you have an attorney so they can quickly send out contracts! Don't delay. Any questions, feel free to contact me.

Carolyn Toscano
Prudential Douglas Elliman RE
Manhasset
917 939 6192

Hang in there! As I'm sure you know, foreclosures and short sales are not for the faint of heart! Good luck.

Just got an email from the listing agent that the bank will have their decision by Monday. Not sure what that means, but its aggravating nonetheless.

That said, I imagine we'll go look at properties and see what happens - indeed we do particularly like this one property, and have high hopes, but low expectations at this point.

Thanks much for the insight!

Go look at other properties on Sat if you don't get verbal acceptance today. But, it sounds like you really like this house, so sign the addendum and send it back (unless you see terms you can't live with).

Some - not all - banks are asking for the addendums to be signed prior to acceptance. Maybe the listing agent is just getting around to asking for them. I am seeing this with increasing frequency.

Sandy,

Thanks for the input. The listing agent has specified that the bank has still not reached a final decision, but I do agree with you that there should be a verbal at this point (hence posting this question).

The addendum is pretty cut and dry though, pretty much just another disclosure that the property is "as-is", and not much beyond that - its pretty short.

Any insight as to what this means for us if we've talked to the listing agent, and confirmed that there is no verbal acceptance yet? Are we being put up against one other very similar offer? Are we likely the winning bid and the bank is just swamped?

Trying to gauge, because if this offer falls through, I'm going to be dragging my agent back out on Saturday to look at further properties, and I hate wasting people's time!

Some of these questions could (or should) be answered by the listing agent. There should be verbal acceptance at this point, on the bank's part, and once you sign the addendums you will receive the full, ratified contract. Be sure to read the addendums carefully - there can be hidden costs passed on to the buyer, penalties for delayed settlements, etc. But if you really want the property you usually have no choice. Banks seem to be more and more open to doing repairs, paying for home warranties, etc.