If the bank refuses highest bidder what happens than?

Asked by Dovie Mccusker, Stockton, CA Thu Oct 7, 2010

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Bob Movin-On, , Hartford, CT
Thu Oct 7, 2010
It means the highest bid did not cover the amount owed plus costs so they took the property and will try to sell it themselves. if they loss money they sue the mortgage holder for the difference and in most cases they have insurance to cover their losses.
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Kimm Bullard, Agent, Ione, CA
Thu Oct 7, 2010
I have seen this scenerio many time and it is because the offer included too many contingencies and inspections. The banks today are looking for simple, easy clients and quick closes. I recommend to my clients to have a 5 day inspection period at most.. and a 12 day to 10 day close and this usually seals the deal. The banks do love cash clients but I have seen bank owned homes and short sales go to a client with a loan, they just usually, from what I have experienced......want it simple and quick.
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Clark Riel, Agent, Reno, NV
Thu Oct 7, 2010
I have seen this on occasion that they are looking for a cash buyer.
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Jane Grant, Agent, Aguanga, CA
Thu Oct 7, 2010
Dovie: Usually they will wait until they get an offer that is higher, or with better terms or from a buyer who is more qualified. Sellers whether they be banks, individuals or corporations can wait until they get an offer they are convinced is best.

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