Automated Foreclosure
Do banks accept contigent offers on REO properties?
We have an opportunity to purchase a house at a great deal that is currently in pre-foreclosure; We would like to make a contingent offer if/when it goes to bank owned.
I’ve been told that YES they will accept and NO they absolutely will not accept the offer.
Our agent tried to ask the seller’s lender, but they won’t give a straight answer (although she said it may be an issue). And I’ve tried calling banks to find out their standards, but couldn’t reach a human and the automated system didn’t know.
Hopefully someone here does. Thanks!
Most banks will not accept an offer if it is contingent on something. But then it again all depends on what the contingency is… Do you have to sell a house 1st before you buy this one? If that is the case, then most likely they will not go for it!
But each bank is different… I would just try to submit the offer with the contingency and see what happens, usually if they don’t like what it’s contingent on they will probably counter back to you with the contingency taken off. Your Real estate agent should already know all of this.
Good luck to you.
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