http://prevent-a-foreclosure.com/in-the-process-of-purchasing-a-home-that-is-pre-foreclosure-in-nj-and-need-advice/ Sat, 04 Feb 2012 09:27:48 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://prevent-a-foreclosure.com/in-the-process-of-purchasing-a-home-that-is-pre-foreclosure-in-nj-and-need-advice/comment-page-1/#comment-6121 es Thu, 29 Jul 2010 20:30:31 +0000 http://prevent-a-foreclosure.com/in-the-process-of-purchasing-a-home-that-is-pre-foreclosure-in-nj-and-need-advice/#comment-6121 Who represents you on this transaction? Do you have an attorney? A realtor? Both? Talk to your representative. You are out of attorney review and haven't heard from the seller and the seller's bank. Often times, the bank will collect bids ( if the property is a desirable one- if it is not, they move quickly to avoid the costs involved to foreclose and to carry the property). Do not offer another $11K unless you are certain the house will appraise for that. Find out why the seller/bank hasn't given you a counter-offer for the $11K difference.If you don't have a deal, you may want to move on. There are lots of nice properties available right now. Don't offer more money yet. Let your attorney or realtor call the seller and sellers representatives and find out what is going on. Otherwise, move on. Best of luck to you. ps- why would you do an inspection if you don't have a firm agreement? This doesn't make sense to me. If you have an agreement that states it is contingent on the lender's approval, that is separate from the attorney review period, unless it is tied into that by specific language. It would be another clause entirely, and also-- your mortgage rate can be impacted by the wait-your rates can go up, they may only be locked in for 30-60 days, otherwise you have to pay $ to lock it in for longer, so make sure this still makes economic sense for you. You really need some legal advice on how to proceed. Who represents you on this transaction? Do you have an attorney? A realtor? Both? Talk to your representative. You are out of attorney review and haven’t heard from the seller and the seller’s bank. Often times, the bank will collect bids ( if the property is a desirable one- if it is not, they move quickly to avoid the costs involved to foreclose and to carry the property). Do not offer another $11K unless you are certain the house will appraise for that. Find out why the seller/bank hasn’t given you a counter-offer for the $11K difference.If you don’t have a deal, you may want to move on. There are lots of nice properties available right now. Don’t offer more money yet. Let your attorney or realtor call the seller and sellers representatives and find out what is going on. Otherwise, move on.
Best of luck to you.
ps- why would you do an inspection if you don’t have a firm agreement? This doesn’t make sense to me. If you have an agreement that states it is contingent on the lender’s approval, that is separate from the attorney review period, unless it is tied into that by specific language.
It would be another clause entirely, and also– your mortgage rate can be impacted by the wait-your rates can go up, they may only be locked in for 30-60 days, otherwise you have to pay $ to lock it in for longer, so make sure this still makes economic sense for you. You really need some legal advice on how to proceed.

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