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Answers (9)
- Cameron Novak, "Real Estate Agents"
- Contributions:139
You have several options in your situation. You should speak with a real estate expert to discuss. If you're speaking about a short sale, you're best to search for an expert short sale agent in your city.
Real estate experts (and trust me, there aren't many) don't like posting confidential information they know about banks (short sale or foreclosure) as they don't like to educate their competition with regard to the process and workarounds to problems such as this.
Call or email if you'd like to talk,
Cameron Novak
The Homefinding Center
[link removed by moderator] Corona, California
Real estate experts (and trust me, there aren't many) don't like posting confidential information they know about banks (short sale or foreclosure) as they don't like to educate their competition with regard to the process and workarounds to problems such as this.
Call or email if you'd like to talk,
Cameron Novak
The Homefinding Center
[link removed by moderator] Corona, California
- John Valdez, "John Valdez"
- Contributions:419
Not going to happen in this market but check with the lender before making an offer just to be sure.
- Maria Morton, "MariaMorton"
- Contributions:716
Highly unlikely. Most REO's accept no contingencies whatsoever.
- broker_GRI
- Contributions:3454
A misinformed seller/agent may accept your offer contingent on the sale of your home but when it comes down to final approval what will (almost with certainty) happen is that the bank will give you until ________day to close the deal (often times even less than 30 days) or you have to resubmit.
Save yourself the grief and sell your house first and avoid short sales.(unless you are prepard to wait 3mos and maybe not even get the house then)
Best of luck to you
- NTETS, "Mr Caveat"
- Contributions:6436
as a private seller i wouldn't touch that contract without a huge earnest deposit and a specific notice regarding damages from your stalling. as a bank? its not even worth it. if you want to be looking at REOs sell your home, have cash in hand, have letter of approval in hand. otherwise? get out of the kitchen
no way in hell the bank will aprove that. Don't even waste your time looking at shortsale or REO if you have to sell a home prior to buying.
- Melinda Schnur, "RealtorMLS"
- Contributions:43
The bank will not and the seller should not, but you can place certain contingencies that could allow you an out if you are not able to sell your home in time. Note, most short sales take longer than a traditional resale.
My advice - for safety's sake get your home on the market and priced to sell. Ask for a rent back so that you can ensure you have time to find a new home. Good luck!
My advice - for safety's sake get your home on the market and priced to sell. Ask for a rent back so that you can ensure you have time to find a new home. Good luck!
- wetdawgs
- Contributions:26854
not likely.
- Michael Lindekugel, MBA CDPE, "mlindekugel"
- Contributions:150
not likely. A contingent offer adds risk to the transaction. A bank wants to mitigate as much risk as possible.
will the bank accept my short sale offer contingent on me selling my existing home?
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