Anita Pettit,GRI

I'm surprised that they honored the inspection contingency. Most REOs I work with are sold "as-is" Most bank owned contracts I work with will specifically state that their addendums supercide the local MLS contract that the offer may have been presented. The contract will always be slanted in the best interest of the bank. Re-read your contracts/addendums. I find that Wells Fargo/Chase/Countrywide are taking up to 14 days. HUD has been the quickest to respond. I'd get comfortable for another week or so. Also know under what conditions your earnest money will be given back either in part or entire amount. HUD has different provisions for owner/occupier than investor. Some of the banks are more lenient than others - Fri Apr 4 2008, 20:53

I would suggest you contact one of the locally known Real Estate companies in your area. Tell them your situation and I'll bet they will help in any way possible. Many Realtors work with investors that have rental properies.
As far as the Lease to Own option-be very careful-there have been recent Kentucky law changes. Work with a professional. - Fri Apr 4 2008, 20:31

This is a legal question, so you would need to ask an attorney. If the property is in one state and you are in another you can have the attorney appoint a Specific Power Of Attorney for this transaction.....talk to an attorney. Laws vary from state to state and property rights are too important to do it wrong. Most attorneys would be happy to advise you of which is the best way for you (generally free advice) - Fri Apr 4 2008, 20:12

The number of foreclosures in the current housing market today may most definately influence the appraisal value homes in many areas of the country. Basicly the appraisor's task is to find the same home /same age/same sq ft sold in pst 6 months. Nearly impossible so they depreciate/apreciate If your neighborhood has had recent foreclosures,they may have sold below what the market valued the same home a year ago.
Most contracts will allow you out in these circumstances. You also should consider that if the house is only valued at $$ then the seller will likely only receive $$ and may not be eager to walk away from a fully qualified Buyer for the lessor amount. Your agent should be able to answer these questions easily in looking at the contract . Please tell me you are represented by a Buyer's agent... - Fri Apr 4 2008, 20:00

Hi Ask them to provide you with a written explanation of if &how they handle dual and/or designated agency relationships. The written explanations you will receive should hopefully assure you that they will uphold the fiduciary responsibility they owe to you.
My office practices dual agency and I would never dream of letting another involved agent know my client's position. - Fri Apr 4 2008, 19:40