Weasel contract contingency?

[Craig L.]

I'm thinking about putting a contingency in a stripped-down purchase contract offer that would help me get around the need for getting a repair estimate done on a potential rehab on a bank-owned house listed with an REO agent. The contingency would read something like: "Offer is contingent upon a contractor's written repair estimate acceptable to buyer."

This will allow me to make offers on REO houses very soon after they get into the agent's hands. I'll take a look at the house myself and get a rough estimate of the cost of repairs. Normally, if the house meets my criteria for a good rehab, I'd then get a contractor to take a look and give me a written estimate with which I can make an informed purchase offer and take to my hard money lender. That can delay my offer by a week and time is of the essence with these REOs.

So I'm wondering if the bank will see this as a very unfavorable weasel clause, and a definite rejecton solely on those grounds. I'd probably explain the contingency in a cover letter, along with a brief explanation for the amount I am offering.

Does anyone else have other contract strategies for REOs/rehabs to get their offers in quickly and get their offers accepted?