contigencies

NEW -> Contingent Buyer Assistance Program
What about removal of loan and appraisal contingencies on an REO? I had this happen to me and I effectively took myself out of the countering battle by accepting those counters but lowering my bid 10k. My realtor at first said "You don't want to continue on this right?" but I said, "lemme see!" So I set up my lender and appraiser (not the lender's appraiser) to possibly be ready asap to ensure I wouldn't be caught with my pants down. But as I said, to do that, I lowered my bid 10k and was later told we became the backup offer. Must have gone into escrow and past the "5-day inspect and lock" into escrow. So be it!
 
[quote author="Mcdonna1980" date=1250767995][quote author="usctrojanman29" date=1250764906][quote author="Mcdonna1980" date=1250764646][quote author="usctrojanman29" date=1250763998][quote author="SoCal78" date=1250763626]Don't be so shy, Trojan. Wishing -- of course he does. LA. OC. SD. Vegas too. While we're at it - need your floors done? How about paint??</blockquote>
I don't know San Diego all that much since I don't venture out there but I'd be game as long as the buyers really knew the area well.



As for flooring and painting....my dad has that covered. ;)</blockquote>


Hey T, you might be able to win Socal over from IR2 if you toss babysitting into the mix. he he</blockquote>
Haha I'd have to ask my mom about that, I know she loves kids and keeps bugging me when she's gonna get some grandkids because she doesn't want to be an old grandma but I think she'll sit to housekeeping vs. daycare. lol</blockquote>


I meant you silly! Geez, stop delegating and show us some sweat. :-P



I can see the OC Register headlines now. Mom's flock to Irvine Blogger realtor for free babysitting.</blockquote>


Wish:

While we're at it. Make sure Trojanman gives you some coupons. He's well-known here for being a coupon king!! =)
 
[quote author="HomeBeggar" date=1251495699]What about removal of loan and appraisal contingencies on an REO? I had this happen to me and I effectively took myself out of the countering battle by accepting those counters but lowering my bid 10k. My realtor at first said "You don't want to continue on this right?" but I said, "lemme see!" So I set up my lender and appraiser (not the lender's appraiser) to possibly be ready asap to ensure I wouldn't be caught with my pants down. But as I said, to do that, I lowered my bid 10k and was later told we became the backup offer. Must have gone into escrow and past the "5-day inspect and lock" into escrow. So be it!</blockquote>


I don't know what the recommendation would be for REO's, but I'm sure one of the experts on the forum will chime in. In my case, the selling agent countered my offer with $10K less (which didn't exactly seem like a great discount since I overbid...dur). I figured the appraisal would come in below their discounted offer. Glad I didn't remove that contingency and heeded the advice of the good people in this forum. I found out that my agent actually hid some comps from me.



Quick update: I cancelled escrow, fired my realtard (another new word to add to my expanding RE vocab), and replaced him with usctrojanman29.
 
[quote author="reason" date=1251496162]

Wish:

While we're at it. Make sure Trojanman gives you some coupons. He's well-known here for being a coupon king!! =)</blockquote>


haha. I'll make sure to ask him the next time I see him =)
 
[quote author="WishUponAStar" date=1251501160]I found out that my agent actually hid some comps from me</blockquote>How did you fire him ? Did your contract with him already expire ?
 
[quote author="HomeBeggar" date=1251495699]What about removal of loan and appraisal contingencies on an REO? I had this happen to me and I effectively took myself out of the countering battle by accepting those counters but lowering my bid 10k. My realtor at first said "You don't want to continue on this right?" but I said, "lemme see!" So I set up my lender and appraiser (not the lender's appraiser) to possibly be ready asap to ensure I wouldn't be caught with my pants down. But as I said, to do that, I lowered my bid 10k and was later told we became the backup offer. Must have gone into escrow and past the "5-day inspect and lock" into escrow. So be it!</blockquote>
The removal of loan and appraisal contingencies work the same way on REO properties. The main difference between a regular sale and an REO sale is that the lender sales the property "as-is" with no implied warranty. Basically, if your inspection comes up with repair items the lender will not repair them but you will most likely be able to get some kind of repair credit. It is standard practice for any seller (including lenders) to pay for a 1-year home warranty policy for the buyers.
 
[quote author="reason" date=1251496162][quote author="Mcdonna1980" date=1250767995][quote author="usctrojanman29" date=1250764906][quote author="Mcdonna1980" date=1250764646][quote author="usctrojanman29" date=1250763998][quote author="SoCal78" date=1250763626]Don't be so shy, Trojan. Wishing -- of course he does. LA. OC. SD. Vegas too. While we're at it - need your floors done? How about paint??</blockquote>
I don't know San Diego all that much since I don't venture out there but I'd be game as long as the buyers really knew the area well.



As for flooring and painting....my dad has that covered. ;)</blockquote>


Hey T, you might be able to win Socal over from IR2 if you toss babysitting into the mix. he he</blockquote>
Haha I'd have to ask my mom about that, I know she loves kids and keeps bugging me when she's gonna get some grandkids because she doesn't want to be an old grandma but I think she'll sit to housekeeping vs. daycare. lol</blockquote>


I meant you silly! Geez, stop delegating and show us some sweat. :-P



I can see the OC Register headlines now. Mom's flock to Irvine Blogger realtor for free babysitting.</blockquote>


Wish:

While we're at it. Make sure Trojanman gives you some coupons. He's well-known here for being a coupon king!! =)</blockquote>
Don't worry reason, she'll be getting her buyer's agent commission rebate coupon shortly. ;)
 
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