We have been trying to buy a home on south side since November - w/o much luck. We saw a property on Cogswell we fell in love with for 138K.

Asked by Sonia George, New York, NY Tue Jan 15, 2013

We are seeing more and more people out bid us with cash offers - even though we bid higher (we have a pre approved loan. according to our realtor, cash bids are up to the asking price or lower. The other thought is that these homes are being bought for rentals. There is no hope for families like us trying to buy homes. Supposedly there is a moratorium on corporatons buying these houses for rent - although it is not enforced. Is it legal? Should the bank owned homes be awarded to highest bidder? Is there any kind of legal ground we can pursue to ensure a fair market?

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