What length of time is an acceptable period for a bank to respond to a cash offer I have made on a house?

Question

I'm getting the idea that "Bankers' Hours" are seriously in effect more than we know.

Answer 1

One week. Call them if after that period of time. If you are paying cash for a house you should have a lawyer of your own who does title searches and should help you deal with the bank.

Answer 2

I am a Sr. Loan Officer for a mortgage company and work 24/7 but when you are dealing with a bank they are definitely 8-5 mon thru Friday
if you are purchasing a home from the bank that is fixing to go in to or is already in a foreclosure process it usually takes about a week i recommend getting a Realtor involved in the transaction this should speed things up but normally it takes 24-48 hours from the time you sign a contract on a home to hear back if your offer is accepted

Answer 3

One thing to remember it is an offer. A bank or anyone in that case does not have to respond to it. Yes, it would be the polite thing to do but they don't have to.

Usually when you send in an offer the turn around time for acceptance or counter is 3 - 7 days unless otherwise written in offer.

If the bank doesn't respond in that time the offer is void. So if you sent it in 2 weeks ago and they accept it after the timeframe you can then cancel it because it wasn't submitted to you within the timeframe.

http://www.myfinancialcorner.com

Answer 4

I would think a week is sufficient. Call them back every week for 2 weeks. If they havent made up theri mind yet, they arent too interested in selling the place. On the 2nd call explain to them that if you dont hear something in say 3 days you will rescind your offer...and do it. Get them off their butts.
They may be running a check on you, but that doesnt take that long. day or 2 at most.

Answer 5

Welcome to the world of REO and foreclosures. As a real estate broker, I deal with these folks constantly. They are in NO rush whatsoever, it seems. They get back to you when they are ready, which might be quickly or not quickly. I can't even place a pattern on it, since the same REO department sometimes answers in one day, and other times MUCH longer.

All I can suggest is to wait for their response. The one thing that we do know is that they WILL always respond.....when they're ready.

Answer 6

One thing to remember is that if the loan was backed by an investor the bank may have to obtain their approval of the offer and that can slow things down.

Answer 7

2 weeks