House under contract!

Asked by brandtkatlin, Dublin, OH Mon Mar 4, 2013

I found a house directly in my price range with everything we've been looking for. one problem, it's in contract. BUT the owner has 2 mortgages and owes back taxes. She still owes 120,000 on the house and the asking price is 88,000. There was a bid of 65,000 on the house and one bank accepted it. The other bank wants more money that the inital bid. We haven't heard anything because the realtors we're working with don't seem to be all that interested in it. But it's our dream home and if there's a possible denial of the bid I WANT TO KNOW! I'm willing to bid higher but no one seems to want to help me. Is there a chance since it isn't in escro and the bank has denied the offer that it could go back on the market? or that we could counter bid?

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Matt Helpling, Agent, Centerville, OH
Mon Mar 4, 2013
I work on the Mortgage side of the business and know a great realtor in your area. I could refer you to him.

If you are not currently pre-approved for a mortgage and plan to finance the home it would be a good idea to obtain a pre approval letter to submit with bids. feel free to contact me
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James Deskins, Agent, Worthington, OH
Mon Mar 4, 2013
1. You can't just "outbid" somebody who's already in contract. 2. Short sales with a second mortgage are difficult to close....many times go back to the bank. 3. Contacting the seller's bank won't do any good, they won't talk to you. 4. You need to broaden your dreams a little because the chances of you getting this property sound pretty slim. 5. If the other buyer doesn't work out make sure the seller's agent contacts your agent.

Sorry, but that's just the reality of your situation and how things work.
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Julie Kessler, Agent, Marion, OH
Mon Mar 4, 2013
The bank holding the second mortgage has to agree also, or the seller will still have to pay back the loan. More than likely it will go to sheriff sale to clear the other leans or morgages. Your best bet may be to contact the bank directly to see if they will work with you. Even though they have so many forclosures they usually let them come back as a repo. Good luck!
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