Hello,
I was wondering what the foreclosure market is like in your area and how the banks are responding to your offers.
I placed and offer on a piece of property that had been in foreclosure for over a year. My offer was $15,000 less, 1/2 closing cost and a contingency on the sell of my sellers home (first right of refusal).
The listing Realtor called me a week later and said that the bank initially accepted the offer but after he explained the contingency the manager withdrew the approval.
I do not understand the rationale of the agent the offer contained "first right of refusal" My clients were really hoping to purchase the property.
Saturday my clients and I put a contract on a home to be constructed along with a contingency to sell their home.
The foreclosed homes price has dropped another $10,000and is still on the market.
Have any of you encountered anything like my scenario?
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