Have a question about pre-foreclosure homes?
Question:
my husband and I put an offer in on a pre-foreclosure home
The seller is still on the title . They were offering 189,900
and we offfered them 189,900 with them covering our closing costs. The sellers signed and accepted our offer and they need to have the bank o.k. it. We had a pre-approval letter with no contigencies. The sellers submitted the offer to the bank
the bank asked for a 2-week extension but did not counter our offer at all we gave them the extension and time passed and we had to give another week extension. Seller called their lender and they said that they have accepted an offer as there were 2 offers ours and another couple. That was on tuesday
Still no answer weather who's offer accepted. Sellers were supposed to call to day to find out who , who's responsibility is it sellers or listing agent? All we need to know is who we are at 3 weeks of waiting any advice please thank you
Buying a pre-foreclosure property takes a very long time. Your Realtor should have explained it to you. Normally a bank doesn't want to pay closing costs because they are already losing money on the deal. Also remember just because the seller signed and accepted the offer it doesn't mean the bank will accept it. I am a Realtor in California so if you have any questions feel free to send me an email.
How did the lender get two offers? The seller owns the home and the seller accepts the offer and that offer gets submitted to the bank and then the bank either rejects, accepts or negotiates the terms. Anyway, both the seller and the seller's agent can contact the lender (assuming the seller has given authorization to release info to his/her agent).
I do short sales in Southern California. By the way, I have done short sales in which the lender paid all the buyer's closing cost.
Regards
Do you have a contract on the house? If they accepted your offer that is the first thing you should have done. If so, go to a title company and get them working on closing. They will perform a title check to see if there are any liens on the property. Make sure you get the WDO and home inspection done. There are potentially lots of problems that can happen if you don't do this properly.
It sounds to me like you did not use a realtor. If you did, then get their derelict **** off the sofa and have them take care of it! If you didn't then I hope you understand the real estate law well enough to deal with these problems yourself.
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