REO
What happens if I put an offer into an REO, without a finanicing contingency, and then it gets accepted but my financing falls thru? There is a place I want to jump on but my lender is slow in getting back to me and I cant get a hold of them? Would I get sued or anything?
It depends on your Contract. Your Contract should have language that governs what happens if you default. That language may or may not allow the Seller to sue for specific performance.
At the very least you can expect to lose your earnest money.
I would talk to the Seller as soon as you know you are going to have financing problems. Just be honest. If he knows what going on early he will most likely just cancel the contract or he may give you more time to secure financing. The worst thing you can do is wait to the last minute and suprise a Seller expecting a closed deal.
Sounds to me like you want to find another lender. There are too many out there to be dealing w/ a slow one.
Your contrac should also contain a clause stating that closing is subject to your ability to get financing as well as language indicating the seller has no recourse should you not close except for your earnest money. Don't put down a lot of earnest money.
Imagine taking a match to your earnest money and watching it go up in flames.
What ever you do make sure you don't sign any contracts with specific performance clauses in place in regard to not closing, because then you will have more than your earnest money at risk.