This is a newbie question. To make an offer to the bank for REO/short sell what clause should be included in the purchase contract (if any) so that I can back out if I need to even after the bank accepts the offer. The reason behind this is that since the banks take a lot of time to respond (and also the acceptance rate is low) I intend to make lot of offers (10-15 or as many as I can).And in case I have more than 1 offer accepted around the same time I would like to have the option to choose the best one. Some folks suggested to me to add clauses like: subject to partner approval, subject to professional inspection to buyer’s satisfaction etc.
I am in Austin,TX and am using a standard purchase contract. Your feedbacks are appreciated.
This is a newbie respond to your question…
as of the reo I don’t think that you can’t put any clauses being that you have to use the re agent’s contract.
about the short sale contract, the clauses that you mentioned sound pretty good but don’t quote me on this as I’m a newbie also.Good luck
Make subject to financing, inspections etc. I would not worry at all actually. I have never made an offer that was accepted as written, they always will add addendums and make changes to the offer. The last deal I offered full price as is where is and close in a few weeks and they still made 3 or 4 changes. They were fast, same day and I was shocked. I made offer Thursday after noon and I had in title company by Friday afternoon. Pretty rare with banks