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Old 03-31-2008, 04:19 PM
 
384 posts, read 1,258,394 times
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Default Will Banks accept a contingency offer on a short sale?

Out of curiosity, I was wondering if anyone has ever tried to put an offer on a house that is a short sale with a contingency to sell their home?? I know some owners are willing to take contingencies in this market but I doubt a bank would...thanks for any info!
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Old 03-31-2008, 04:49 PM
 
Location: Salem, OR
10,851 posts, read 18,130,249 times
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I am not a short sale expert, but the ones I have done, they were clear that a home sale contingency would not be accepted.
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Old 03-31-2008, 06:29 PM
 
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Simple answer: No

This is based on my experience
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Old 03-31-2008, 06:53 PM
 
Location: Houston, Texas
469 posts, read 946,021 times
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In my experience no, no and no.

But, hey it never hurts to try. You are guaranteed to not get the property if you dont try. Even if chances are extremly low if you offer the worst situation is that you get told no.
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Old 03-31-2008, 07:14 PM
 
Location: Gilbert - Val Vista Lakes
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I would not advise putting in a contingency offer on a short sale.
  • First of all it will probably be rejected. They want to sell the house now, and don't want to wait to see if yours will sell.
  • The lender will take all the offers they can get and accept the best.
  • It takes a long time to get a response from the bank. You may be waiting 8 weeks before having your offer rejected.
And remember that you buy a short sale AS IS. They will not make any repairs.

Be sure you know what you're doing, or work with a realtor when dealing with a short sale.
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