Asked by JD Shaw, Ashburn, VA • Sun Nov 11, 2012
My agent is stating that having less ( or no ) contingencies on contract for buying a REO home is the best way to win a contract from bank.. Do bank prefer contract with less offering price but with no contingencies vs higher price with basic contingency like HOA or financing .. This is for a foreclosed home ; which looks good in shape but with "minor" known repairs..
Also, my agent is also saying that escalation clause will not hold for banks as well..e.g. someone with less offering price with escalation clause upto x amount vs someone with higher offering price ( less than escalation value ). they will go with higher offering price instead of giving chance for escalation ..
Any opinions ?
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