Hope this helps. feel free to email me at email@example.com if I can help with any more questions. -Eric
If your Realtor won't present your offer, get another one. So what if they say,
"No"? At least you will have asked. Have you gotten any calls on your current
home? Do you have enough financial flexibility to rent your current home for
a year and buy the home you like so well? The rental income will appear in the asset column instead of the liability column on your loan application. When the market is back up, you could sell the rental.
I've got a Corporate Owned listing right now and the company is dragging their feet behind a market that
has slipped out from under it and yet they have said they would not consider a first right, let alone a
contingency. They didn't want the home, they got stuck with it and the carrying costs. They want someone
to sweep in and buy it. When an F for first right appears after the word active on a listing, many, many
Realtors, who are people persons after all, won't show it. They don't want to break some poor buyer's
Oh, put your home on Craig's List too.
You will probably need to sell you home first or arrange for a mortgage before your home sells.
Relo homes are amongst the best deals in any market. They are usually in very good condition and priced very well. I imagine you can get a very good deal on that house.
Have your agent submit your offer to find out, but have a plan B. I would suggest that if you really want the house, you consider listing yours with a Realtor to increase your exposure. Yes, it will cost you something, but you will probably net more and you are going to make it up on the other end with your purchase of the relo house. If the Realtor can't sell your house, then you are not moving, but you will know you gave it your best shot.
With that being said, I am going to take this opportunity to address something that I am seeing more and more recently. That being, I see both the buyers and some of the agents representing them perplexing over whether a seller would accept an offer, and never making one. The only way you will know, is to submit an offer and start a dialogue.
It is highly unlikely your offer will be given any serious consideration.
If what you mean by "corporate owned" id a "foreclosure," the bank owners are in positions of needing to move these properties ASAP and steer a very wide circle around "contingencies."
Our advice is to price your home to sell as a reflection of the current local market conditions and implement an aggressive comprehensive marketing plan including local and internet iniatives.
The bank will consider that the same market conditions affecting the sale
of their property will also affect the sale of yours. Why is that home so
important? What makes it the only reason you want to sell? Perhaps if there's one, there will be another.
To move forward you have to put your home on the market first. And a banker will consider a FSBO situation
the least desireable marketing circumstance. But.....
You are between a rock and a hard place. Banks will not take contingencies anyway. And I've never seen
a bank take a first right. Banks are not holding companies and they are lousy property managers.
By the way, how much were you going to offer, just out of curiosity? Did you know that banks typically bring
a foreclosure to market 10% - 20% under appraised value? Perhaps you could discount your current home
when you bring it to market, so it will sell faster. Also, Realtors' Broker's Cooperative sites, MIBOR in Indy,
provide mammoth advertising. If you go FSBO, you've got to go all out on your advertising.
Assoc Broker/ Realtor