I put an offer in on a house Monday evening, but i have not heard anything back as of yet. This is my first home purchase and i am really nervous. I hate to keep on calling my realtor, he doesn't seem to care though, but i know if i were him i would turn my phone off.
How long does it usually take to hear a yes or no? The home is in pre-forclosure and in fast sale.
Thanks for answers in advance.
2007-04-20 05:15:24 · 7 answers · asked by loved 2 in Business & Finance ➔ Renting & Real Estate
Offer responses can take up to 72 hours depending on how many offers they have been hit with. If it is a short sale, then other factors like what is the minimum the bank will accept as payment come into play. If you aren't satisfied with your realtor's response, or lack there of, call his or her superior and tell them that you haven't gotten a response and you are anxious to know either way so that you can move ahead in another direction. Good Luck!!
2007-04-20 05:25:25 · answer #1 · answered by novastarbanker 3 · 0⤊ 0⤋
If what you are saying is accurate that means you have been waiting all week for an answer. Are you negotiating with the seller directly or with the seller's mortgage company? Sometimes in "pre-foreclosure" sales a "third party" approval is necessary and this could take up to 45 days - especially in the case of a "short" sale. Your Realtor should be in close contact with you and be able to give you a clear idea of when a response is expected. Shame on your Realtor for not being available to you! You as a first time buyer undoubtedly need extra support and guidance at this point in the negotiating process. I would suggest you contact the office manager if you continue to get the "silent treatment" from your real estate agent. Good luck!
2007-04-20 13:19:43 · answer #2 · answered by Maryland Realtor 1 · 0⤊ 0⤋
The seller could make their decision instantly. This question is almost like asking 'how long does it take someone to return a phone call?' The real answer is, it depends on when the person got your message and how motivated they are to call you back. If they got your offer, then obviously your offer isn't the most important thing on their mind right now. All you can do is wait it out.
2007-04-20 12:23:08 · answer #3 · answered by Chuck Z 2 · 0⤊ 0⤋
Did you include in your offer a time frame that your offer is valid for? I typically give owners 3 days to respond, and then the deal is off the table.
I'm sure your realtor doesn't mind a few calls to check the status. Ask him if he'll call the listing agent to see what the status of your offer is.
2007-04-20 14:25:44 · answer #4 · answered by godged 7 · 0⤊ 0⤋
With a short sale, offers have to be approved by the bank and this can take several days. I actually made an offer on a home in short sale on Sunday evening and the seller signed my contract, but the bank has not approved it yet. Just be patient :o)
Good luck, I hope you get it!
2007-04-20 12:24:51 · answer #5 · answered by gobanana516 4 · 0⤊ 0⤋
Depends how many offers they are getting.
Normally a seller will have a price in mind that they will accept. Its very rare that the first bid is ever accepted. And if it is, it means you overpaid. Start by bidding about 8-10% below the asking price. Typically if they want to sell fast they will come back with a counter offer within 24 hours.
2007-04-20 12:21:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There should have been a time limit in the offer, something like five days or so.
Often you hear the next day, but sometimes it's longer.
2007-04-20 13:00:18 · answer #7 · answered by Judy 7 · 0⤊ 0⤋