How long after real estate contract is accepted must the seller sign?

Question

I made an offer on a bank foreclosed condo. The bank that owns the title to the condo accepted my offer. I signed the contract with a $1000 earnest deposit on Nov. 7th. It has now been 8 days since I signed the contract and I still have not heard back from the seller. My real estate agent has called the banks agent several times but has still not gotten an answer back from them. How long does it typically take for a bank to sign a real estate contract?

Also there was a closing date of Dec. 4th on the contract. is Dec. 4th still a realistic closing date?

Answer 1

Banks always take a loooong time to respond to things like this. This is because there is usually a long chain of command the contract must be signed off by at the bank. Eight days is longer than most, but t is certainly not unheard of. If your contract had an expiration date, you can certainly exercises your right of termination, but I'd wait a little longer to get a response.

Your lender will be able to advise you how much time they will need to close the loan. For most lenders, closing by December 4th should not be a problem if you get the contract signed before the 27th.

Answer 2

I gather, from your post, that the bank verbally 'accepted' your offer, and you are waiting for them to accept the offer in writing. In foreclosure, there are no guarantees. If a better offer comes to the bank before they sign your acceptance, you'll get your $1000 back and no condo. They will sell it to the higher offer.

Banks are notoriously slow in responding to foreclosure offers and contracts. They sign when THEY are ready to sign.
Your agent can continue to pursue a response, but if he doesn't get one, there's not a lot which can be done about it.

Answer 3

Technically a offer is not a contract until it is signed by both purchaser and seller. The bank should have signed it within one business day. As far as closing, it would depend on if the bank you are using to finance the house and how fast they are willing to work. I have had sales closed in less than 2 weeks.