My husband and I just put a bid on a foreclosed home (this is the first foreclosed home we've ever bid on) on Tuesday. It's now Thursday and we have heard nothing. The house has been on the market for a while, so I thought we'd hear back quickly. Usually on other homes we've bid on, we'd hear back from the sellers within 24 hours. Is it normal for banks to take a long time to respond to an offer?
2007-06-21 08:35:41 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Thanks for the answers so far - it's weird, because you would think the banks would be dying to get rid of all those properties! Go figure :)
2007-06-21 08:47:47 · update #1
if they are modernized (meaning offer details input to a website with asset manager notified immedialy), they probably know within 3 days if the offer is not a full offer. The delay comes if the asset manager does not tell the listing agent how to respond to the lowball offer or if the listing agent decides the offer is too low and doesn't submit the offer at all. If the asset manager wants to accept an offer, they may have to get signatures from higher ups. Still, in this computerized generation, everyone should have an answer or acknowledgement of submission in no more than 3 days. The problem is that everyone is neither ethical nor proficient. There are many lazy people in this world.
When I bid on my first bank home, the listing agent decided that it was not good enough so he did not even submit the offer. I found out by contacting a friend who worked in the coporate office of the bank. It is good to keep contact with friends and fellow alumni..... That listing agent's assignments dried up from that bank and I hope he wonders why. :-)
2007-06-21 09:05:52 · answer #1 · answered by Nancy 4 · 0⤊ 0⤋
Foreclosures can be a long drawn out process. Typically when I put offers in on bank owned properties it takes 7-10 days to hear anything. Good luck, and be patient.
2007-06-21 08:49:30 · answer #2 · answered by frankie b 5 · 1⤊ 0⤋
Hehehe....welcome to the world of bank foreclosures. I've had lenders take up to two weeks to respond. They seem to have their own schedules to follow, and most of them are not lightning fast. Does not seem to be any urgency on the part of the REO staff.
2007-06-21 08:44:14 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
Hehehe....welcome to the global of economic corporation foreclosures. i have were given had lenders take as a lot as 2 weeks to reply. they look to have their very very own schedules to adhere to, and optimal of them are extremely no longer lightning speedy. does no longer look any urgency on the realm of the REO paintings stress.
2016-10-18 23:39:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It could be well over a month. Unless you made a full offer you are not likely to be accepted. There will be no counter offer.
2007-06-21 08:44:02 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Unfortunately, it takes a LONG time... Though that depends on the bank.
2007-06-21 09:03:01 · answer #6 · answered by mefrancis 2 · 0⤊ 0⤋