Question Details

Anna, Home Buyer in 11106

What do you think my chances are as backup bid in this foreclosure? We bid on a foreclosure.

Asked by Anna, 11106 Sat Feb 14, 2009

The day it was submitted, we were told that another offer was accepted the day before. After our info, bid and preapproval was reviewed our agent was told that we are the strongest backup bid. ...even far better than the offer they accepted. The bank gave the people 10 days to get their stuff together ( I don't quite know what they need to get together or what they already have done...we were not disclosed that info or their bid. ). They have 4 more business days left to get what the bank wants. The bank told us to be ready just incase they are not. We specified on our offer that we are ready to close tomorrow. The fact that the bank reiterated 2x how our offer was by far the best has me wondering if they are ready to make things work with us somehow. Do you think that a bank, and all other parties involved can make things difficult for the accepted bid just to make things work for us since all parties involved would far much better by our offer going through?

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