My condo is under contract. I want to make an offer on an REO property but was told a contingency offer would not be accepted. I can't seem to get an answer as to why. Any info appreciated! :)
2007-11-06 13:43:52 · 3 answers · asked by Wendy L 1 in Business & Finance ➔ Renting & Real Estate
Thank you!
2007-11-06 14:26:03 · update #1
This is common with REO properties. The lenders won't accept offers that involve contingencies because they don't want anything but a nice clean contract.
Contingencies have to be cleared and can potentially cause the deal to fall through. Contracts with contingencies are more work and the lenders do not want the hassle.
2007-11-06 13:50:35 · answer #1 · answered by godged 7 · 1⤊ 0⤋
Banks can't risk taking the property off the market for something that is contingent. If your condo happens to be under contract with any of it's contigencies removed or is being purchased as is, you may have a better chance. Some banks will look at contingent offers under these circumstances. If you want to make an offer, you do have 17 days for inspections, loan and appraisal contigency removal.
2007-11-06 14:16:35 · answer #2 · answered by klang333 1 · 0⤊ 0⤋
Lenders who own REO properties just will not accept an offer to purchase with a 'home sale' contingency. They will accept other contingencies, such as financing availability and inspection contingencies.
I can only assume that they do not want the property under contract unless the potential buyer is ready to move forward immediately.
2007-11-06 14:43:25 · answer #3 · answered by acermill 7 · 0⤊ 0⤋