#240348 - 07/26/08 02:42 PM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: Teke]
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Major Contributor
Registered: 02/05/05
Posts: 2293
Loc: Las Vegas
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Just got a call form the agent, the bank has accepted our offer. The agent said she had to sell them on our offer price. So now comes escrow.  Congrats. You probably got lucky that the other offers dropped off. You received a response in a reasonable amount of time too. Did the bank send you their addendums to sign now? Do you have your contract stamped/signed by the bank accepting the offer or was it just verbal so far?
_________________________
Len McGuirk
Short Sale Specialist
Prudential Americana Group
Direct: (702) 203-6688
Las Vegas Real Estate
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#240521 - 07/27/08 10:10 PM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: OHAgent]
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Member
Registered: 11/08/06
Posts: 34
Loc: Irvine, CA
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Verbal so far, so I guess anything could happen. They accepted the offer late Friday, around 5 EST. So I would expect to be receiving the documents to sign early tomorrow morning.
Edited by Teke (07/27/08 10:11 PM)
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#240839 - 07/28/08 10:54 PM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: Teke]
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Member
Registered: 07/19/08
Posts: 36
Loc: New York, NY
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will you be allowed to do an inspection on the house Teke or are you buying as is? I think you said you're buying the property to live in yourself. Hopefully there aren't any missing pipes!
________________________________
www.ForeclosureLook.com
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#240925 - 07/29/08 10:35 AM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: ForeclosureLook]
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Member
Registered: 11/08/06
Posts: 34
Loc: Irvine, CA
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Yes, we are allowed to have an inspection and will be getting one pretty soon. I just sent off the signed counter offer which stated we have 7 days to void the contract due to findings of an inspection once it is fully ratified.
Edited by Teke (07/29/08 12:39 PM)
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#240969 - 07/29/08 02:00 PM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: ForeclosureLook]
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Major Contributor
Registered: 02/08/05
Posts: 2772
Loc: Ohio
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will you be allowed to do an inspection on the house Teke or are you buying as is? Those things aren't mutually exclusive. My REOs (except VA) have inspection contingencies and they are also being sold as-is.
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#241179 - 07/30/08 10:29 AM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: OHAgent]
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Member
Registered: 11/08/06
Posts: 34
Loc: Irvine, CA
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Right, same here. The house is being sold as is, but on the bank's counter offer it states that we have 7 days to void the contract due to findings from a professional inspection.
Edited by Teke (07/30/08 10:29 AM)
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#242035 - 08/03/08 12:00 AM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: Teke]
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Member
Registered: 09/23/07
Posts: 416
Loc: Plano, TX
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For the bank is important how much will they "net". Less contgengences, the better. If you want to mach the price, add the contribution to it. So just make your best offer. Good luck!
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#242796 - 08/06/08 12:46 PM
Re: Buying REO, Unsure if Bank Will Accept My Offer
[Re: Viktor]
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Member
Registered: 11/08/06
Posts: 34
Loc: Irvine, CA
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We got the ratified offer yesterday so I guess it truly is in escrow now. Thanks for your advice everyone.
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