Asked by Duane, Maquoketa, IA • Thu Mar 12, 2009
The house is listed at 72900 through a realtor and we put an offer of 72900 with2000 cash back for help on closing.We put 1000 earnest money down and our banks pre-approval along with a good sized downpayment. The house is currently taxed on 78000 and we know the current owners owed more than 80000 ?. There was a previous bid that was offered 4 weeks ago(ours is only 1 week now) that was lower than ours. Would this possibly speed things up ? The realtor said we should know within 30 days but the previous bidders havent heard a thing yet. How long is a bid good for? And how long do we wait? Thank you for any feedback or comments!!!!! In our local newspaper, it publishes all forclosures and this property hasnt gone quite that far yet(but any day i am told). If the property goes to foreclosure, does our bid become junk and we can offer on the foreclosure?
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