The only reason I am still waiting is because this will be a good low-priced investment. How long should it take to get an answer from a bank owned property in Ohio. Is there any rule on how many days they have to respond to an offer? Next time should I place an expiration date or will they not abide by it because it is a bank owned property?
2007-10-21 03:02:22 · 6 answers · asked by iluvthetaz 1 in Business & Finance ➔ Renting & Real Estate
All banks differ. Some take a few days, some take a few weeks. I'd give them a call and be nice.
Most banks won't allow an expiration date. You need to understand the process better. This is NOT one person that looks at a contract and makes a decisdion. Some banks have to have the Board Of Directors vote on the offer. Some banks have their attorneys review the offer and they are most likely swamped with other properties. It mght be in your best interest to call the bank and just ask the foreclosure department to explain their procedures to you. Good luck..good things come to those who wait!
2007-10-21 03:11:47 · answer #1 · answered by RealtorV 3 · 0⤊ 1⤋
Just because it's bank owned doesn't mean they don't need to act.
You've given them something they love: an open offer to purchase. They will take as long as they can to respond to those.
I've had clients buy three bank owned properties this year. In every case, I made sure there were deadlines to accept. Usually the lender is smart enough to respond within the deadline. If they're not, that gives me information.
At this point, it's a real good idea to withdraw your offer. Then, go find a buyer's agent that knows how to negotiate, because there are too many tricks to learn "on the fly"
2007-10-21 05:09:50 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
The banks are very busy with short sales and foreclosures right now. It's common to have to wait for one to two weeks.
I've made several offers and I'm willing to wait for a reply in order to get a good deal. In the meantime, go find other properties and make offers on them, too. If you find something better and the first bank decides to accept your offer, you can still cancel (as long as you have an open contingency).
Good luck with your offer!
2007-10-24 20:45:13 · answer #3 · answered by Genki 3 · 0⤊ 0⤋
Banks are notoriously slow in responding to offers to purchase. You can demand an answer, and it won't change a thing, except perhaps to annoy the person who is in charge of responding. As far as a rule to respond, they are not even required to respond AT ALL, much less in a certain time frame.
If you put a time frame of expiry on your offer, it won't move them along any faster. It merely means that you don't have to accept their signed offer if they are tardy in response beyond your expiry date.
2007-10-21 03:08:52 · answer #4 · answered by acermill 7 · 0⤊ 1⤋
You should definitely place an expiration date on any real estate offer, whether to a bank or a private seller.
2007-10-21 04:15:49 · answer #5 · answered by npk 7 · 0⤊ 1⤋
They don't have to respond to it...EVER if they don't want to.
There is no law stating that they have to, however, if you want to buy something else, you need to WITHDRAW the offer before placing another one.
You can withdraw an offer at any time before the seller accepts, just make sure you do it in writing and have proof of DELIVERY.
2007-10-21 03:07:14 · answer #6 · answered by Expert8675309 7 · 0⤊ 0⤋