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Answers (3)
- Eddie Gutierrez, "edgutier"
- Contributions:119
As an REO (Bank Owned) property agents, a our corporate clients would not accept offers with a hubbard clause because it contingency that would likely increase the overall days in inventory for the bank and increase the amount of losses that are incurred with selling the asset. Every month carries expenses for maintenance, taxes , etc. If you are looking to purchase a bank owned property your best alternative is to move forward when you have a completed sale of your home. Which unfortunately may involve an interim move.
- Janet Swider, "janetmswider"
- Contributions:17
Looking at it from the banks point of view, they are already in a poor position with a foreclosure. To take on a contract that has contingencies is not in their best interst. They are not in the buisness of making our lives easier, so selling your home first is sound advice. Then look for the foreclosure, the buyer of your home may be willing to extend the closing if you need more time. (put it in the contract up front that more time may be needed.
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
I takk e it the 'huard clause' is the contigency to sell your home... in Caifornia we just call it the contigency to sell your home... anyways... most bank propertes will no take on that contigency...there is no guarantte you home will sell, ..do yourself a favor sell first... then try if you can to time the next purchase, but better yet, plan on renting back or an apt.. and just deal with it... you will stress out more trying to make it all fall in line with the cosmos...
Offer with Hubbard Clause on a bank owned property
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