I made an offer on a bankowned house 2 months ago. No answer yet.how long should i wait,is my agent lying to m

Question

Is my agent lying to me about making the offer in the first place? should I contact the bank myself? How long am i supposed to wait when I see the house still on the market

Answer 1

Various lenders take varying amounts of time to respond to offers to purchase, and they use different approaches. Some respond to each offer as it comes in, and others collect various offers for a period of time, and then choose one or none as acceptable.

As an agent, I have tried unsuccessfully many times to get a response concerning offers submitted to banks. They seem to be in no hurry, and generally take their good natured time about it.

Answer 2

You probably did NOT make an offer on a BANK OWNED property.

The property is probably still owned by (the owner) or a private party, but not the bank, not yet.

what you are waiting for is the Bank's Approval of a Short Sale.

This means the seller/owner still has legal title to the property, but they're missing payments & their loan amount is higher than what they can sell the home for, plus pay costs & commissions.

This process DOES take a long time & it stinks, I know. I've done a lot of short sales & it's a real pain in the buttocks.

The seller basically has to prove to the bank by way of a Hardship Letter, bank statements, paycheck stubs etc. that there is GOOD reason why they can't make their payments.

Then the listing agent has to show the bank that they truly tried to market the property for at least a couple of months at higher prices,,, but ultimately that didn't work,,,,

So, yes, this takes a while, usually 30-60days. Banks all over the country are overloaded with these types of situations, so everyone is really backed up.

Your agent is most likely ( i don't know your agent) NOT lying to you about submitting the original offer, they could lose their license if they did that.

You won't be able to talk to the bank directly, you can try, but I guarantee they will not take your call, IN FACT they won't even talk to your buyer's agent.

The bank will only talk to people who are authorized in writing by the seller (like the listing agent) & every time they call in they have to go through a screening process where they need to know the seller's SS # to even get to the right person.

Just hang in there, it does take time, you should hear something any day now, 2mos. is a long time. Bug your agent & have them call the listing agent everyday until you get some better answers.

The short sale may not get accepted. I just had a deal fall through recently where we waited 45days only to find out that the owner had renegotiated their mortg. & pulled out of our contract. It was a waste of time for myself & my client, but would have been very worth it, had it gone through & that's why we stuck it out.

feel free to email me if you have any more questions (as provided by Y!A's email button provided to all users)

Answer 3

The best advice I can give you is, be proactive. If your agent isn't getting you answers, get them yourself. Contact the Bank or visit a local branch and talk to the manager. Bank's usually have an REO (real estate owned) book and an individual responsbile for managing those properties.

Once a Bank has acquired property through foreclosure, seizure or the like, they are required by law to liquidate (e.g., sell) that property. Bank's can only own property which they intend to occupy for their own business purposes. Consequently, they are very motivated to sell these acquired assets as quickly as possible and either incur the loss, or otherwise close the book on that chapter.

Your purchase offer should have contained an expiration date and time. If no one responded to your offer, you can assume it was rejected. That doesn't mean you can't take another swing. But before you do, see if you can have a conversation with the Bank to find out why your earlier offer was rejected, and what the Bank is willing to accept for the property. If you are still interested at that point, you can submit a new contract.

Answer 4

The banks have been innundated with foreclosures, and short sells in the last 6 months. They are simply overwhelmed by the business at this point, so it could be that they have not responded. I would keep searching for homes if I were you. The money you think you are saving on a foreclosed home can often be gotten from good negotiation with a regular seller. Not to mention forclosed homes tend to need repairs that the bank is just not willing to make. People quite paying for upkeep before they quit making the payments.

Answer 5

Did you sign a purchase agreement. No offer can be made without you signing. Also most offers have a date on them that says when the offer is valid to. I would contact the bank or call the broker of the realtors office to talk to them about it. The broker can light a fire under them and find out what really happened. If your realtor lied then they can lose their license over it.

Answer 6

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Answer 7

My client and I are going through the same process right now. I hope it does not take 2+ months, but yes this process can take a while. I wish you the best, and stay patient. If you feel its taking too long, move on to another home.
RE Agent,
Remax