All Forum Posts by: Francis Stash

Thanks Scott.

Just heard back from the listing agent that we should know what the verdict is by Monday. Leads me to believe they are just having the serious offering parties sign the addendum up front, more or less as you said.

Ah well.

Honestly the raise was not my bidding; there are additional parties involved helping fund my fiancee for the down payment, and additionally to that our agent advised he suspected the bank may be seeking an additional round of bids right now.

At the time, $193,000 was the highest and best, which changed per the person helping with the down payment / financing.

Aside from that, thoughts on the situation? Is the addendum a good sign, non-determinate? I DO know that receiving the addendum around here is not typical prior to getting a verbal acceptance, as I have a number of family members in the business, and many more family friends whom havent seen this from banks here previously.

All said, thank you for the insight thus far.

We have an REO property that we made an offer on a short while ago. It's been on and off the market a number of times over the last 4 months, going back to an original list date of about 100 days ago.

Last Friday we made an offer, it has returned to the market for about a week prior to our offer. Ended up in a multiple offer situation.

List price was $175,000, and we wrote at $185,000 with a home inspection contingency.

The following Monday, they came back, had 5 offers on the property, we put in $193,000 as our highest and best. Now, to expand on the highest and best offer - our offer includes 20% down, conventional mortgage, not asking for any repairs or concessions, etc. Pre-approved, proof of funds, and 2% earnest money.

That was this past Monday, and last evening the bank came back to us with an "as-is" addendum. (bank is Sovereign Bank, for reference). Our Realtor was a bit confused, as he stated he has never seen this addendum to be signed prior to a verbal acceptance on an offer (we have no acceptance yet).

He indicated that he thinks it was a ploy on the banks part for another round of bidding on the property, and we did up our offer to $195,100 and the bank accepted in the new offer.

I'm trying my best to be patient with this property, but at the same time, it is draining.

Anyone know what getting the addendum / disclosure about the property being "as-is" prior to having a verbal acceptance? I know it's standard practice for those addendums to be used, but not with this sort of time-line.

Please tell me what that likely means in a 5+ offer situation on a house! Thank you!