Thread: About foreclosed homes

Originally Posted by calleycat

I am very interested in buying a home that is forclosed. I wanted to sell my house. I owe on my home $48,000.It is appraised for $145,000.The forclosed house is selling for $149,000.

I wanted to sell my house and purchase this home. But I was told that they don't do contingeny. When I went to ask further questions the agent wouldn't even show me the house and hung up on me.

I make good money and have perfect credit.How could I go about purchasing this home without having to pay 2 mortgages.Should I put my house or sale and hope this house is still for sale when mine is sold.

Their is something you can do. I would find a large ERA office in your area and request the ERA sellers security plan. This will help you be able to purchase the foreclosure before your home sells and it will assure that you get your home sold so that you do not end up carrying two payments for any length of time. If you have any more questions or need clarification on this program after reading the link below private message me.

http://www.era-morrison.com/security.asp

Although they certainly shouldn't have hung up on you, they are correct in that most if not all banks will not even consider contingency offers.

Thank you very much jamesww I find this inormation very useful and am looking into it.

Also thank you Mike Taylor. I agree that they should not have hung up. If they really wanted to sell they would have gave me some options. I even explained my interest in selling my house. You would think they would have had interest in helping me sell.

They are well known company and for this reason I will not disclose their name.

On the other hand I called them back and got the key code but they still refused to have an agent look at it with me. I wanted to discuss some of the problems it has.

I think this house has more problems than I forsee. I talked to neighbors and it has been on the market for almost 2 years.

I would first get your home on the market. Many bank owned properties do not want to see contingencies in place. They want a non-contingent buyer.

Even if you did submit a contingent offer, the listing agent is going to want to know what the "back up home" is (ie your house,)

I know it seems unfair for banks to not entertain contingent offers, but that is unfortunately how it plays out. I hope this helps!

thanks guy for the excellent advice regarding this matter...i got something like that going around here too...now im just thinking which idea to do best..