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Answers (1)
- Harold Sharpe, "So Cal Homes Realty"
- Contributions:143
Hi Ed.
The answer is, No.
The listing agent only has an obligation to their client.
Many bids dont get looked at by bank owned homes, as they usually do not accompany the pre approval letter required by the lender who put the property up for sale.
To circumvent this.
1. Get pre approved by a few lenders when you shop for a home.
2. Be prepared to ask your lender to "Cross qualify" with B of A, Wells, Chase, etc.
It is actually in the listing agent working for the bank contract. "Do not submit any offer requiring loans without pre approval from one of our approved lenders. They do this to make sure the only offers they look at are very qualified buyers so the property does not fall out of escrow.
In any home purchase ( except cash money in the bank ) You need to be pre approved first. That means you have submitted your two years tax returns, two months bank statements, had your credit run by your lender ( Not You ) and any other items that is required.
Then if you are qualified the listing agent will submit the offer,...
if you are not accepted, they may contact you but chances are that they only contact the successful bidder. Your agent will usually be contacted on Thursday for "highest and best offer." After all of that, most Asset Managers reply to the agent on Fridays to the successful winner.
If you are successful, you will be sent either an addendum, counteroffer or something of the like to shred the California Association of REALTORS form which was made to be very fair on both sides, to be for the most part one sided on the banks part. The will restrict your time constraints, and disclosures are at a minimum at best from the lender.
Then there is the deposit, If you make it past your time frames consider your deposit gone. Make very sure you want the home before signing a contract for a foreclosure.
The answer is, No.
The listing agent only has an obligation to their client.
Many bids dont get looked at by bank owned homes, as they usually do not accompany the pre approval letter required by the lender who put the property up for sale.
To circumvent this.
1. Get pre approved by a few lenders when you shop for a home.
2. Be prepared to ask your lender to "Cross qualify" with B of A, Wells, Chase, etc.
It is actually in the listing agent working for the bank contract. "Do not submit any offer requiring loans without pre approval from one of our approved lenders. They do this to make sure the only offers they look at are very qualified buyers so the property does not fall out of escrow.
In any home purchase ( except cash money in the bank ) You need to be pre approved first. That means you have submitted your two years tax returns, two months bank statements, had your credit run by your lender ( Not You ) and any other items that is required.
Then if you are qualified the listing agent will submit the offer,...
if you are not accepted, they may contact you but chances are that they only contact the successful bidder. Your agent will usually be contacted on Thursday for "highest and best offer." After all of that, most Asset Managers reply to the agent on Fridays to the successful winner.
If you are successful, you will be sent either an addendum, counteroffer or something of the like to shred the California Association of REALTORS form which was made to be very fair on both sides, to be for the most part one sided on the banks part. The will restrict your time constraints, and disclosures are at a minimum at best from the lender.
Then there is the deposit, If you make it past your time frames consider your deposit gone. Make very sure you want the home before signing a contract for a foreclosure.
If you place a bid on a home that is owned by the bank does he have to show you in writing if th
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