A typical short sale approval may take months after your offer is accepted. It is quite common for buyers to keep shopping, and often you may find a home you like better and can close on sooner. If that offer fails, you are left without either house. My usual advice if you have a pending short sale is to go ahead and make an offer on another property, but once you are in contract on another home, be courteous and rescind your offer immediately so that they can start looking for a new buyer as soon as possible.
Bank-owned REO homes are also unique. They are going to negotiate informally on terms for a few days. Once terms are agreed upon, they will issue a contract for buyer signature. That gets returned to the bank for signature.
You do not have a binding contract until both parties have signed, so this may offer you flexibility on making other offers. You may also find yourself in competitive bidding wars in certain areas. It may take bidding on multiple houses to finally land one. I feel my attorney mom turning red in the face here over the fact that I, a non-lawyer, would even dare to use words like "technically" and "contract" in a sentence, so maybe now is a good time to point out that Internet real estate advice should not be construed as legal advice.
Here in New York, pre-contract, I certainly encourage my buyers to submit bids on multiple properties. Especially if you're price-shopping, sometimes the feedback from two bids will help you figure out where the sellers are in their thinking. Which house do you like better now? Now I'm going to say again, because I'm scared of my mom, that I am working in a state where offers are not binding until there is a signed and countersigned contract.
One more point concerning people who want to walk away from a deal: when the crash happened last September, I heard from a lot of buyers-in-process who had entered into contracts, and wanted to break them, even at the risk of losing their deposit money.
It's theoretically possible, depending on the contract language, that the seller could sue to force you to purchase the home anyway. You might also try giving the seller a personalized letter along with your offer explaining why you love the home, Forte adds.
In some cases, knowing the home will be going to a person or family who will cherish it can be enough to sway a sentimental seller. Lastly, avoid putting contingencies in the offer if at all possible. This can make your offer stand out above the competition. Need a bigger budget to afford a higher—priced home? There are a few things you can do to improve matters.
When rates are low, it reduces the amount you have to pay in mortgage interest each month. This means you can afford a larger mortgage payment and thus, a more expensive home price. Will things improve next year?
Read our housing market predictions from 7 real estate experts to find out. Learn how to work around student loan debt and qualify for a mortgage more easily. An Oregon first-time home buyer can access loads of support and assistance — often including cash help with their down payment.
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