If you have already received a letter of default on your loan and a date in which your lender will proceed with foreclosure proceedings, you don’t have anytime to waist. If you have an interested buyer, the approval process could take up to 30 days (or maybe even more due to the fears surrounding the economic crisis), you might want to collect some back-up offers.
If there is already an Offer to Purchase or a Sales Agreement drawn up and signed by a buyer, you, the seller, cannot dump the contract in order to make way for a back-up offer that perhaps appears more attractive. You can collect other offers, but you cannot accept one unless the original buyer is denied approval. Now, if the buyer tries to change something in the present contract, you, the seller, are able to consider one of the back-up offers.
The bank is not looking to collect homes, they are looking to collect mortgage payments and to provide loans that seem "safe", meaning the potential buyer will be able to make the payments. When things are important to you in your computer, you are advised to "back it up". Therefore, if your computer crashes, you do not loose all of your important documents. Your property is important to you, therefore, back-up your sale by getting back-up offers so if the original offer falls through, you have a quick option to help stop the foreclosure process.
When you are facing foreclosure, you don’t have any time to waist. Back up the sale of your home with back up offers and you just might find out the bank has "your back", approves a loan, and the pending foreclosure process stops.
