I offered on foreclosure, with 50% down & preapproved bank loan. still my offer came 2nd to lessor offer, wky?

Asked by JMY, San Francisco, CA Sat May 3, 2008

second to lessor offer, why?

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Linda Slocum,…, , Santa Clarita, CA
Sun May 4, 2008
Could be any of a number of reasons... you haven't provided enough facts to know what really happened here. Quite likely the other buyer was a 100% cash buyer, with no loans required.

Or, any of the following could have been part of the scenario:

1. Your lender is mortgage broker and not a direct lender.

2. The other buyer could have been financing through the foreclosing bank.

3. The other buyer could have been purchasing as owner-occupied and you were purchasing as an investor.
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Pam Winterba…, Agent, Danville, VA
Sat May 3, 2008
JMY....

It is hard to say....maybe it was the terms of the offer (what you were asking the seller to do). Ask your agent to check with the listing agent. There is always a back up position.
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