We have an opportunity to purchase a house at a great deal that is currently in pre-foreclosure; We would like to make a contingent offer if/when it goes to bank owned.

I’ve been told that YES they will accept and NO they absolutely will not accept the offer.

Our agent tried to ask the seller’s lender, but they won’t give a straight answer (although she said it may be an issue). And I’ve tried calling banks to find out their standards, but couldn’t reach a human and the automated system didn’t know.

Hopefully someone here does. Thanks!

Here my situation, I put an offer in on a short sale with a contingency that if the sellers accept my offer and sent it to there title holder for approval they can not accept or sent the title holder any other offers until my offer is denied or pulled. The sellers accepted my offer and pulled the listing. My offer is the only offer on the unit waiting approval, I put another offer on a house allowing me 2 weeks to pull my offer just in case the short sale is approved. Would you suggest amending my original offer on the SS stating they have 2 weeks to reply? If it makes a difference my offer was 5k over asking.

Regardless each bidder’s financial condition (down payment amount/ excellent credit score/ contengencies…)?
For example:
Bank’s target price is $350K. Two offers received from two possible buyers.

Buyer A: Offer $352K, 5% down, credit score good 750.

Buyer B: Offer $350K, 20% down, credit score Excellent 803.

Which one would be in favor of by the bank?

i am interested in a short sale property, the lender has already approved the short sale, if my offer is less than the approved amount is there a chance that the lender accepts it? thanx