Conditonal Offer Acceptance on Forclosed Homes?

**pk797** · 11-07-2009, 07:48 PM

Is it legal for a bank operating in the NYC area to request and actually make it conditional that only offers that are met with their own banks pre-approval and for which the buyer has agreed in advance to get their mortgage through them will be accepted?

This is exactly what is being suggested to me in my attempts to buy a forclosed home in my area of New York City- Queens.

**Greg** · 11-08-2009, 07:15 AM

A seller can demand anything they want as long as they don't discriminate. It is their house and their rules. If you don't like it buy something else. I know this sounds harsh but this is the reality of foreclosures.

**pk797** · 11-08-2009, 08:00 AM

I don't mind harsh as long as it's accurate and factual. If that's the case then "it is what it is" I am just curious about how these things are supposed to work.

There also telling me I have to take out an addtional loan for the needed repairs/alteration. The thing is I have enough money in my account already to cover the down payment, closing costs and the needed repairs myself, but they are insisting I still need to take out this addtional "renevation loan" through them, at a premium of course (2-points) which is also making me curious about the nature of these deals.

Sound about right to you all?