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Answers (10)
- Linda Strasberg, "L Strasberg"
- Contributions:2316
In our market you will also need to show 6 months in reserve to cover the mortgage on your existing property plus 20-30% down payment required as well as adequate mortgage payments available in reserve for the property you are offering to purchase as lender(s) are smarter than some buyers and sellers think.
- Linda Strasberg, "L Strasberg"
- Contributions:2316
Surely you gest! Any buyer's agent that is willing to work with you and show you "bank owned" properties contingent upon you waiting to have your home sold deserves to be whipped in their local town square by their broker and each agent in their office. Listing agents of "bank owned" properties wouldn't even discuss this topic let alone entertain it. If you can qualify to carry both until your home is sold that's another matter.
- three_busy_bees
- Contributions:10
Thanks a lot for all your answers. We have made an offer to the bank without contingency. We'll see if we'd get this house. Thanks especially to Sam for the HELOC idea!
- Cameron Foster, "Cameron The Prop Net"
- Contributions:37
I agree. Banks just don't want to wait.
Chances are it's priced right to sell...which means your offer won't be the only...in which case even a lower # offer will look better next to yours.
Sorry. Gooood Luuuuck! & I'm sure you'll fall in love with another house! 'Everything happens for a reason'
Chances are it's priced right to sell...which means your offer won't be the only...in which case even a lower # offer will look better next to yours.
Sorry. Gooood Luuuuck! & I'm sure you'll fall in love with another house! 'Everything happens for a reason'
- Sebastian Martinez, "Sebastian Martinez"
- Contributions:18
Plain and simple—BIG NO!!! Sure banks work with contingencies, such as financing, home inspections, usually the minors ones, BUT no way with a sale of a home contingency.
Best,
Seb
Best,
Seb
- Patti Hessling, "phessling"
- Contributions:104
Nothing ventured, nothing gained. Be sure you know what is going on the market place and have strategized accordingly. However, I have seen a few banks work with contigencies; so if you ask and they say no, then if it's not a "hot" property, you can resubmit your offer without the contingency if that is what you want to do. Good Luck
- Ofe Polack, "Ofe Polack"
- Contributions:1428
Neither bank owned nor short sales are likely to negotiate with buyers who need to sell their homes. They are trying to get rid of their properties as soon as they can, they cannot really, afford to wait indefinetly for a sale.
- Tommy Lorden, "Tommy Lorden"
- Contributions:56
I agree. Highly unlikely they'll accept that. Good luck!
- wetdawgs
- Contributions:26945
Banks are not likely to accept an offer with a sale of your current home contingency. But, it doesn't hurt to try. I'm assuming you already have your current home on the market, if not, don't bother to try.
- Sam Shueh
- Contributions:379
I am in northern California where it is basically a seller's mkt. I have not handled a contingency subject to... in 10 years.
Suggest you take a HELOC and pay upfront. Many bank owned properties tell you they want ALL CASH, no FHA so they can close it very shortly.
If you think you can not sell yours quickly why bother to risk your credit?
Suggest you take a HELOC and pay upfront. Many bank owned properties tell you they want ALL CASH, no FHA so they can close it very shortly.
If you think you can not sell yours quickly why bother to risk your credit?
Contigency for Bank Owned property?
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