Legal Question in Real Estate Law in Virginia

I want to purchase a house (foreclosure) listed on the multi-list, but owned by the FDIC. I asked my real estate agent to write a contract with an offer of $150,000, the list price on the multi-list. She contacted the listing agent and then told me that he was accepting only cash offers. I'd neeed a mortgage and have a preapproval letter from a lender.

Is this normal for a listing agent to accept only cash offers and is my agent required to still submit the bid/offer?


Asked on 12/31/09, 6:50 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Cash apparently rules the foreclosure landscape, so to speak (per front page article in Sunday Washington Post--Jan 3, 2010) and, consequently, buyers such as yourself who require a mortgage to purchase a foreclosure property are at a distinct disadvantage.

So, yes, under the current anomalous housing market circumstances, the listing

agent may decide to deal only with cash offers. (See aforementioned

article for further information.)

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Answered on 1/05/10, 7:39 am


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