# Help needed to understand this!



## Little Quacker in NC (May 9, 2002)

Hi all! I am really bummed about this! I have sold my home(it went fast!)and I want to make an offer on a bank foreclosure out in the country while I am waiting for the procedures to go through on my present house. Everything is done except the actual Closing. So why can't I make an offer on a bank foreclosure while I am waiting for my present home to Close? I am told I cannot do this! I must be homeless I guess before I can make an offer on a foreclosed property?

My good friend and neighbor has taken me to several and I think getting one of those would be a good deal. However I am blocked from making an offer on one of these because my home has not CLOSED yet! When it does I must be out of here on that date which is June 26 Must I be homeless in order to qualify for a foreclosed property? That makes no sense! My Realtors office has a rental section. I ask her if I could rent a place here in town while looking for a property to buy but they only LEASE, not RENT and the leases are for a year or longer! That won't work!

Now I know my realtor may find a country place I can afford without having to go looking at foreclosures but I would like that option. Does this make sense to you all? Any advice or am I just stuck with finding a place to live temporarily while I am looking for a place to buy? Thanks!


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## farmrbrown (Jun 25, 2012)

Little Quacker in NC said:


> Hi all! I am really bummed about this! I have sold my home(it went fast!)and I want to make an offer on a bank foreclosure out in the country while I am waiting for the procedures to go through on my present house. Everything is done except the actual Closing. So why can't I make an offer on a bank foreclosure while I am waiting for my present home to Close? I am told I cannot do this! I must be homeless I guess before I can make an offer on a foreclosed property?
> 
> My good friend and neighbor has taken me to several and I think getting one of those would be a good deal. However I am blocked from making an offer on one of these because my home has not CLOSED yet! When it does I must be out of here on that date which is June 26 Must I be homeless in order to qualify for a foreclosed property? That makes no sense! My Realtors office has a rental section. I ask her if I could rent a place here in town while looking for a property to buy but they only LEASE, not RENT and the leases are for a year or longer! That won't work!
> 
> Now I know my realtor may find a country place I can afford without having to go looking at foreclosures but I would like that option. Does this make sense to you all? Any advice or am I just stuck with finding a place to live temporarily while I am looking for a place to buy? Thanks!


It probably has to do with the banks.
They look at income incoming and outgoing.
In their eyes you're trying to own 2 homes at once, never mind what you tell them about the closing date.
As far as they are concerned, it ain't really sol until the check is in their hand.
You can't exactly blame them, I've seen many closings fall thru at the last minute.
Talk to the realtors and the bank. Maybe as the closing date nears, they will share your optimism and let you put in an offer.

There are a few suggestions in this link I didn't know about.

https://www.realtor.com/advice/buy/buying-a-house-while-selling-a-house/


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## Alice In TX/MO (May 10, 2002)

Yes. Your home isn't SOLD until you have the money.

Find a temporary place. Live with friends. Get a motel room. Rent a camper.

This is normal business.


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## RSwink (Oct 15, 2013)

It is why I have turned away from them, always seems to scare me a little. Let us know how it goes for you.


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## AmericanStand (Jul 29, 2014)

Somebody is lying to the Op. 
You can make an offer on anything you want. There is no way for anyone stop you.


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## AmericanStand (Jul 29, 2014)

In many states real estate agents are required by law to present any offer you make. 
No they don’t like to present low offers Because it may be a waste of their time and they don’t like to give bad news to repeat customers as some sellers are.


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## AmericanStand (Jul 29, 2014)

To protect yourself in the situation when you make an offer on a house Be sure to make it contingent on a good closing of your current home.
In some places this is quite common and I have seen a string of five housE sales Fall apart because each was contingent upon the previous


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## AmericanStand (Jul 29, 2014)

By the way your situation is one of the reasons many people stipulate a time of possession 30 days or more after the closing


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## GTX63 (Dec 13, 2016)

Foreclosures are the banks game. They make the rules and they can decide who can play.
I have seen buyers make cash offers contingent on closing (they have sold their home) be declined.
If you haven't closed on the sale of your home then the bank considered it not sold.


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## AmericanStand (Jul 29, 2014)

Last I checked there wasn’t a law that said you couldn’t have more than one home.


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## GTX63 (Dec 13, 2016)

Little Quacker in NC said:


> Everything is done except the actual Closing. So why can't I make an offer on a bank foreclosure while I am waiting for my present home to Close? I am told I cannot do this! I must be homeless I guess before I can make an offer on a foreclosed property?


You can make an offer. If your broker says you can't then get another broker.
But banks make their own terms on REOs.
There was a couple that recently sold their home in 3 days. They went house shopping, found a foreclosure they loved and made an offer. It was written up and submitted to the seller. Contingent upon the closing of their "sold" home.
Later that day another buyer made a cash offer. It was after the first offer. Bank responded by declining the first offer.
Sucks but it is how it works.


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## Little Quacker in NC (May 9, 2002)

Thanks You all! Not that easy to find a place to rent here. Realtors will Lease for a year, but not rent for just a few months. I did not consider a motel...that kinda turns me off but I will have a look around here and see what is available. Also I have an Australian Cattle Dog who is my therapy dog so having a pet could be a problem too. I will investigate. THX again!


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## mnn2501 (Apr 2, 2008)

Who exactly is telling you that you can't make an offer?


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## farmrbrown (Jun 25, 2012)

AmericanStand said:


> Somebody is lying to the Op.
> You can make an offer on anything you want. There is no way for anyone stop you.


Well, yes, if that offer is your OWN cash no one can stop you.
But if you're asking for a loan to do it, then you might run into the problems the OP has now.


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## farmrbrown (Jun 25, 2012)

AmericanStand said:


> Last I checked there wasn’t a law that said you couldn’t have more than one home.


Again that is true, provided you have enough zeroes in your bank account.


One of our clients has a nice home in Miami and another one up here in WNC near a golf course. The NC home is on the market for about $900k.
She would _*like*_ to buy another one up here and move to a different location and I think her Florida home is going on the market soon too.
But until then, the banks have turned her down for that 3rd home until she sells one of the others.
Even with her income, the debt ratio is too high a risk.


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## Wolf mom (Mar 8, 2005)

Get a Broker that deals in non-conforming loans. If you are not planning on living there long, but turning it into a rental, your time line may not conform to FHA standards.

See if someone still makes Bridge loans........

Many REO's want you to have cash in hand or at minimum, a loan in place.

Go back to your buyer and ask if you can rent the house you just sold them for a few months.

If you want a rental for a few months don't use a realtor. Get online for local rentals or use the local paper. You'll find month to month rentals there. Not enough money in commissions for a realtor to waste time on anything less than a year lease.

Yes, you can make an offer on anything. If it's accepted or not is another question.
Many banks who hold repo's want you to finance the repo mortgage through them. Makes them more money.


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## AmericanStand (Jul 29, 2014)

The upside of foreclosure homes is usually the closing can be quite quick


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## mnn2501 (Apr 2, 2008)

mnn2501 said:


> Who exactly is telling you that you can't make an offer?


Well??


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## hiddensprings (Aug 6, 2009)

I've never heard of anyone being denied making an offer on a foreclosure prior to their current home selling. I am a realtor and unless your state or the bank holding the property has some funky rules, I'd find another realtor to help you because whoever is telling you that you can't submit an offer doesn't know what they are talking about. The bank that holds the foreclosure would probably want to see a copy of the contract on your current home to support your ability to purchase the foreclosure, but other than that, I can't think of anything to keep you from making an offer.


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## Danaus29 (Sep 12, 2005)

If your credit is good and you qualify for a loan then you can put an offer on any property you want. If you have the cash to pay for it, you can put an offer on any property you want. Some realtors want a deposit with an offer. If you have the deposit money you can make an offer on any property you want. 

Who said you can't make an offer on the property?


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## AmericanStand (Jul 29, 2014)

I think some here are confusing making an offer with having it accepted.


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## mnn2501 (Apr 2, 2008)

AmericanStand said:


> I think some here are confusing making an offer with having it accepted.


* Just going by what the OP said:*


Little Quacker in NC said:


> So why can't I make an offer on a bank foreclosure while I am waiting for my present home to Close? I am told I cannot do this! I must be homeless I guess before I can make an offer on a foreclosed property?


*Still waiting to find out who told them that.*


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## TripleD (Feb 12, 2011)

We will do short term rentals but the price is usually 20% higher and double the deposit...


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## 1948CaseVAI (May 12, 2014)

AmericanStand said:


> In many states real estate agents are required by law to present any offer you make.
> No they don’t like to present low offers Because it may be a waste of their time and they don’t like to give bad news to repeat customers as some sellers are.


If the property the OP wants is a foreclosure it is owned by a lender and they will not normally accept a contingency. If the realtor knows a contingency is not acceptable the realtor does not need to present .the offer


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## Mickie3 (Aug 28, 2010)

1948CaseVAI said:


> If the property the OP wants is a foreclosure it is owned by a lender and they will not normally accept a contingency. If the realtor knows a contingency is not acceptable the realtor does not need to present .the offer



The decision of what is acceptable to the seller is NOT determined by a sales rep (aka realtor, whatever.....). The owner is the only one who can make that call and anyone who says otherwise needs to take a look at the UCC (Uniform Commercial Code.)


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## AmericanStand (Jul 29, 2014)

mnn2501 said:


> * Just going by what the OP said:*
> 
> 
> *Still waiting to find out who told them that.*


The OP was asking a question in the OP about some things that they had the told. 
My comment was about other posts since that don’t seem to understand the difference between making an offer and having it accepted. 
I hope that clarifies things somewhat.


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## AmericanStand (Jul 29, 2014)

1948CaseVAI said:


> If the property the OP wants is a foreclosure it is owned by a lender and they will not normally accept a contingency. If the realtor knows a contingency is not acceptable the realtor does not need to present .the offer


That doesn’t change the law and the requirement or even give the agent an excuse.


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## Evons hubby (Oct 3, 2005)

I recently purchased a home from a bank. Pretty weird experience for me. I presented my offer, (asking price) but I never could get them to accept my offer in writing. I had to play by their rules each step of the way, including having to verify that I had the funds in my bank account. I finally got it done and closed successfully but it was the strangest transaction I've ever been involved with. Not saying I wouldn't by another repo.... But I doubt it!


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## 1948CaseVAI (May 12, 2014)

Mickie3 said:


> The decision of what is acceptable to the seller is NOT determined by a sales rep (aka realtor, whatever.....). The owner is the only one who can make that call and anyone who says otherwise needs to take a look at the UCC (Uniform Commercial Code.)



Well, this is hardly worth the time of day, but if the listing says that a contingency is NOT acceptable then an offer of a contingency is not a qualified offer and need not be presented.


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## AmericanStand (Jul 29, 2014)

The law in my state doesn’t require a offer be qualified.
It simply say ALL offers must be presented


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## Mickie3 (Aug 28, 2010)

1948CaseVAI said:


> Well, this is hardly worth the time of day, but if the listing says that a contingency is NOT acceptable then an offer of a contingency is not a qualified offer and need not be presented.


Grasping at straws, are we? No cigar, as there are limits as to what contracts can say and be legal.


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