Buying A Home
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short sale question

does anyone know if banks will accept contingency offers these days on short sale properties?

we're looking at a property that we'd like to live in (and invest) about 5 +/- years, but i really don't want to get into the bind of having 2 mortgages. more like i flat out refuse to. but if we were able to sell our house, then i'm all for it.

Re: short sale question

  • No most short sales and bank owned properties will not accept contingent offers.
  • Ours did but we had already accepted an offer on our house when we put a contract down for the short sale house. I'm not sure they would have if we just had our house on the market with no offers.

  • In our case, the bank gave us a strict deadline to close by (30 days) or the offer was completely null and void. They wouldn't grant any extensions.
  • You never know. I have clients who have a secondary offer on a short sale. The listing agent said she didn't think the bank would agree to the first offer's sales price, because it was so low. I know this isn't exactly your situation, but it goes to show that every market is different, and you never know.

     

  • The bank would not accept a "wait for ours to sell" contingency in our case.  Fortunately our house sold in 9 days.  So we immediately put an offer on the short sale and they accepted the contingency of "when our house closes".
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