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Posted: Tue Oct 21, 2008 9:04 am Post subject: Made an offer to buy.

I've been pre-approved and have a specific home in mind. The house is bank-owned . . . it's considered a Health Hazard by the bank. It has holes on the floor, air conditioning unit stolen and the complete kitchen has been stolen including: sink, faucet, drainage, counter-tops, cabinets, and lighting. The walls are the only thing remaining in the kitchen. Where do I go from here? I made an offer, by signing the offer does this commit me to buying this property?

apexoffice · Posted: Tue Oct 21, 2008 10:01 am Post subject:

It depends on the wording of the agreement. If your offer is contengent upon financing then, no you are not commited. If you agreed to purchase the property "as is" in terms of cash, yes you are.

smithsussane · Posted: Tue Oct 21, 2008 7:35 pm Post subject:

Hi Guest!

Welcome to forums!

I agree with Benjamin Smith however, I would like to add that you will also have a rescission period of 3 business days within which you will be able to call off the contract if you do not want to purchase it.

Feel free to ask if you have further queries.

Sussane

elnoralittle · Posted: Wed Oct 22, 2008 4:56 pm Post subject:

Foreclosure contract are primarily written for the benefit of the bank, kind of like new contructions.
Generally there is a lot of negotiating. If you have not recieved a ratified contract, meaning already signed by the bank, you aren't obligated. Most contracts are contigent on lender financing, which in this case, I am not sure a lender would do unless it was a rehabilitation loan. In most cases if you cancel a contract without a reason, you lose your initial deposit, and in some cases the seller has a case for court. I doubt a mortgage company will go that far, but they can take your deposit. Talk to your real estate agent about the loop holes of your contract. They can help you. It might be a good idea to get a letter of denial to present to the seller as well so you can get any deposit money back. Most foreclosure contracts are also written 'as is', so I think if it is ratified, the only way out is if you cannot obtain financing.

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Made an offer to buy.