Wishing your BIL great luck. Rowley is tough right now (lots of inventory and a dirth of buyers but they are out there. We had 8 couples show up to our early January open house. It was the day of a snowstorm and they still came - so there are definately some serious buyers out there. Our house is also large 3200 sq. ft. so hopefully those who did not buy ours will buy his.
I just saw this. My BIL is trying to sell a house in Rowley, it's been on the market a long time, and I think it's priced correctly (and it's a beautiful, big house), from what I can see (obviously I'm in NY). He's had no offers, so I would be careful about getting into contract on another house without having yours at least in contract. Most sellers I've dealt with won't enter into a contract under these circumstances unless the buyer can prove they can carry both homes.
You mentioned that the house is 200k under the assessed value. Keep in mind that assessed value has nothing to do with market value. It is merely a measure of what the town thought it was worth at some moment in time. The assessment could be years old. In our state the towns are required to reassess every 5 years. Get an agent to do an analysis for you against recently sold comparable properties and also comparable properties currently on the market. This will be more accurate in determining what the house is worth.
PLUS SIDE: House is absolutely worth more than 595 - instant equity the day you walk through the door.
NEGATIVE: Hate to pay full price:)
nervous that we've been played
we'll be carrying two houses (ours has not sold yet) but this is literally the deal of a lifetime in our area
Still, you don't know, and probably won't ever know.
Submit comps along w/ your offer. Include a cover that mentions the DOM if it has been on the market long. The bankruptcy judge is concerned with indicators that tell him/her that this offer is the best that can be had in the current market. Provide supporting documentation for the court to review. The judge is not a real estate expert; provide support for your offer.
Do you have to do inspections before approval? Can't you structrue your offer so that any inspections are not done until the third party approval is granted?