Contract Fell Through--Can I Now Go Straight To REO?
I had a contract on a house to rehab. I was using a hard money lender. Seller accepted my offer on 10/20 and wanted to close by 10/31. The property has been on market 99+ days. Real estate agent was going to lose this property listing if not closed by 10/31. Lender could have funds to me by 11/7. I sent an amendment to Seller and never got a formal response; however real estate agent stated the seller said to close by 10/31 or no deal and I lose $1000 earnest money. On 11/3, real estate agent said if I would put another $1000 down and could get the money by 11/7, seller would now close. This sounds fishy and not in my best interest.
I have the name of the REO. Can I go straight to the bank and try to get away from the real estate company who supposedly has now lost the listing? All I have is the name of the REO.
Sorry it is long, just wanted to give you the hx of this deal.
If you know what bank to go to, I would go their directly. However, I am concered about the short closing date and the tough words used by the bank. Sounds funny!
I hope you placed in your contract that it was contingent upon you getting financing. If you know how to use them, most all MLS contracts have contingencies that will give the buyer an out, from the financing to inspection contigencies, etc. Make sure that you use them and take advantage of them.
Best of Success,
BAMZ