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Old 03-16-2009, 09:33 AM
 
844 posts, read 1,772,085 times
Reputation: 485

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Quote:
Originally Posted by airics View Post
you put in offers on houses that were already contingent? you wasted the realtors time!
If the market is so hot that listing agents are accepting back up offers, then this is not a "waste of time". I am yet to meet a Realtor who lets me "waste" their time...
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Old 03-16-2009, 10:01 AM
 
Location: Here and there, you decide.
11,595 posts, read 22,718,975 times
Reputation: 3898
so if a client is preapproved (as the foreclosures require), find a home, make the offer, become the high offer, become contingent status, what are the odds of the deal falling through (other than a problem with the home itself) or the buyer willing to lose the emd and walking away... i don't think that it is very likely...
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Old 03-16-2009, 10:10 AM
 
36 posts, read 91,018 times
Reputation: 16
If you're buying a rental house, keep in mind smaller houses rent better. A 3 bed/2 bath is a great size to look for. I currently rent in the Green Valley area and I recently bought a home in the area. I love being close to GVR, the District, tons of restaurants, parks, etc. I also like how convenient it is to the strip and airport.

That being said, most people on this forum will tell you Green Valley is overpriced and look for something in the NW where the values are better.
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Old 03-16-2009, 11:27 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,540,208 times
Reputation: 2661
Quote:
Originally Posted by airics View Post
so if a client is preapproved (as the foreclosures require), find a home, make the offer, become the high offer, become contingent status, what are the odds of the deal falling through (other than a problem with the home itself) or the buyer willing to lose the emd and walking away... i don't think that it is very likely...
These things have many weird parts. It is reasonably standard for a bank to claim in their counter that they can and will continue to accept offers at their sole discretion up until the deal closes.

As a practical matter they don't do so...but they can.

Hanky pank on shorts does occur. A similar process but trickier as there is now a contract between the buyer and seller and the seller's agent may trip interference with a contract problems if he submits new offers to the bank as he is likely required by the bank's terms of approval to do...

Tangled web weaving in process.
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Old 03-16-2009, 11:40 AM
 
Location: West Chester, PA
3 posts, read 5,065 times
Reputation: 11
Well in fact both homes contingent offers did in fact fall through, we just weren't the highest back up offer, and weren't given a chance to put another one in.
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Old 03-16-2009, 11:53 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,540,208 times
Reputation: 2661
Quote:
Originally Posted by captjane View Post
Well in fact both homes contingent offers did in fact fall through, we just weren't the highest back up offer, and weren't given a chance to put another one in.
It is a contact sport...and no two incidents are ever the same.

I have twice had to raise a bid to buy a place.
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