Can you tell me what i should do? We put an offer on a foreclosed home on Wednesday August.30, and put an expiration date of this Friday August.31 @ 5pm. What happens if the bank doesn't answer? Will they still look at the offer or counter/accept?
2007-08-30 15:47:23 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You need to chill out. First you are dealing with a bank not an individual and sometimes it can take a few weeks for the board to even meet and discuss the offers let alone get back to you in 2 days.
Did you do this with benefit of a lawyer or Agent, they should know that this can take time when dealing with the bank.
2007-08-30 16:18:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If Friday, 5pm goes by and there has been no response, ACCEPTANCE of your offer is no longer an option. At 5m, that offer no longer exists.
Since banks typically respond on their own forms and add a bunch of addenda anyhow, it might be a mute point. They could get back to you on Tuesday or Wednesday of next week with a response. If it hasn't been listed very long, it would behoove them to have it on the market over the long weekend to see if they can get any better offers.
Bank officers aren't the emotional sellers who will panic and sign an offer because it has a deadline. They know that you would still buy the house next week if it were offered to you.
Added: I just read your other questions. Did you submit an offer to a bank without being at least pre-qualified? If so, don't exect a response.
2007-08-30 16:00:08 · answer #2 · answered by teran_realtor 7 · 2⤊ 0⤋
banks are notorius for dragging their feet. you are kind of at their mercy and they have nothing to lose because they are already sitting on bad debt. I have put in a full price offer before and it took 2 weeks to get accepted. one thing is 1. they are looking for a better offer or more offers to come in 2. they are retarded and really bureaucratic so there is a lot of red tape to go thru just to get one stinking signature 3. they have so many foreclosures they are dealing w/so really backlogged. 4. they like to deal in original copies alot & in this world of faxing really slows us down.
If you gave them a good offer i would not worry but if you lowballed them may want to have a couple of back up properties.
2007-08-30 17:03:40 · answer #3 · answered by q8336b 2 · 0⤊ 0⤋