Help with REO sale - swooping in
All,
Our bid on the REO: full price, cash, no contingencies, close tomorrow. Other bid: conventional mortgage contingent on the sale of their current home. Wells Fargo chose theirs. Could be for a variety of reasons. Not concerned about that. Our bid was being held as "good backup."
Here's the question: They've had to delay closing twice because the buyers can't sell their existing home. What options do we have? Any? Would rather avoid the listing agent because we believe the buyers are acquaintances of hers. We've not heard from the bank or the listing agent, but would imagine the bank can walk from the current deal for cash deal and close. If the current buyers sell their home to a conventional mortgage, they still likely cannot close for another 90 days on the REO. How do we swoop in and close the deal for our dream house?
A