It's up to the bank, so no good way to answer that. Every bank works different and only they know what they are looking for
If I were the bank though, here is how I would rank potential offers
1. Cash offer - it's within 5% of the list price and not subject to any contingencies other than probably an inspection. This is a sure thing for the bank
2. Conventional financing - depends on the down payment and seller concessions. Large down payment with fewer concession means less hassle in getting financed
3. FHA financing - FHA loans take longer to process and the home needs to meet minimum property standards so sometimes FHA appraisals come back requiring repairs, which a bank is hesitant to do
As the saying goes, "Cash is king". Even if the other offers are higher, remember the home needs to appraise that high. And with appraisals these days a lot of appraisers are hesitant to bring in a higher value knowing that the home was listed at $256k. The price increase needs to be justified.
I sure hope you guys get the home, but if not keep your head up!
No tax consequences if the property is a primary residence. Short sale is the best opportunity to negotiate with the bank but if bankruptcy makes more sense, an attorney might have the proper advice. There's no negotiating with the bank on a foreclosure.... more
It us unfortunate that this has happened. In some instances, if the bank is not ready to put the property on the market they would prefer that someone be in the house "supposedly" taking care of it, rather than having a vacant home that is not being taken care of and open to vandalism. We have seen this play out the exact same way time and time again! Rest assured if it was foreclosed on it won't be long till they are gone. Good Luck!
Prudential 24 Hour Real Estate
There are ways to stop foreclosure but I would suggest to
speak to a Attorney (Not those companies that promise the world and never deliver)
If you like call me and I know a Attorney that might help you.
Coldwell Banker Dynasty