Browsing Tag Buy A House

woodeye asked:


I am currently in process of trying to buy a house in short sale in NJ. I had found a house that was an open house (was not MLS listed) and I made offer exactly at the cost that the seller realtor said was being asked by the bank ($450k).

The contract was signed by the seller but there was a clause that sale was contingent to approval by the bank.
The bank now states that they are not happy with the 450k offer…although they haven’t officially said “No” to the offer.

I am finding it very hard to understand what the heck is going on here…and feel completely helpless and in the dark. Can anyone explain this process and what I should expect? Is there anything I should be doing (ie getting my lawyer to call the bank’s lawyers?)

Also it looks like I have to go forward preparing to go to settlement on the date in the contract…but the bank may pull out at any time costing me the $ I will put out for the inspection and mortgage application. HELP!