Foreclosure in Frazier Park>Question Details

Dan And Kathy…, Home Buyer in 91321

May I bid on a bank owned house that is in escrow?

Asked by Dan And Kathy Mehterian, 91321 Thu Jan 22, 2009

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Dan/Kathy, its really best to speak with the listing agent to determine how "healthy" the current deal is. REO typically do not like to make repairs, this and other potential issues could cause this deal to "blow-up." Really tough to tell from my "blind" perspective.

Best, -Steve
0 votes Thank Flag Link Thu Jan 22, 2009
Thank you Steve and Lynn,

We do have an all cash back-up bid on the bank-owned house. We were under the impression that the banks would like all offers to be presented until close of the escrow.
0 votes Thank Flag Link Thu Jan 22, 2009
Yes you can however recommend keep looking. If a home in escrow all ready has an executed agreement between bank and buyer both parties are honoring the contract terms and conditions. You offer would be a back up kept in file IF other buyer does not close
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jan 22, 2009
Hey, nothing is over until escrow closes. Talk with your agent about placing a back-up offer - escrow could fall through.... -Steve
0 votes Thank Flag Link Thu Jan 22, 2009
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