20 November 2010
What is the time frame for banks to respond to offers on forclosures?
Posted by admin under: Renting & Real Estate .
We made an offer on a home that forclosed, and is now owned by Washington Mutual. We made an offer on it 2-4 days after it went on the market. This was on September 25th.
The offer was made for $1 over asking price, and we are putting down 20%. Offer was submitted with an approval letter from our bank, proof of funds and FICO.
What is the norm when it comes to banks accepting/rejecting offers?
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4 Comments so far...
quickmls Says:
23 November 2010 at 5:26 am.
There is really no set time frame; it’s really up to the banks.
If you put the offer in through a Realtor, whether it’s your own Realtor as the Buyer’s Agent or directly through the Listing Agent, they should be able to give you a much better idea. Have them contact the bank for you.
If you put an offer in directly with the bank, you should be able to call them or otherwise contact them and ask them what the status is.
It’s possible that they got another offer, and even accepted it, and didn’t get back to you. It’s also possible that they are so busy that they haven’t had a chance to answer, but if the property is listed, it’s unlikely that they would take more than 10 days.
Landlord Says:
24 November 2010 at 8:32 pm.
My experiance with them is a couple of days. Call your agent, they do not decline offers, simply accept one of them.
lonnie w Says:
26 November 2010 at 11:18 pm.
It can take anywhere from 30 -45 days. The bank has to goback to the investors to get an approval on the offer at most times. You will get it accepted because the offer seems good but it may take sometime to get an answer. It will also take time to get the payoff and clear title. You will need a bit of patience but everything should workout.
Ed Atun Says:
28 November 2010 at 1:54 am.
On one repo i got an answer in 1 day. On another house, i am still waiting after 90 days. On another we waited 18 days , then we were told that the bank was giving the house to another bank in some trade. The house would go back up for sale with the new bank. It did go back for sale. We were asked to rewrite our offer. The new bank has kept us waiting for 21 days with no answer. Several more offers have arrived and we have no priority by law, even tho we were first.
So there is no “time frame” but the best banks know that a quick answer will make you happier than a slow answer..