2,596 views
Don Tepper
MVP'08
"Creative solutions for your real estate needs"
- 1,110 Helpful Answers
- 2,445 Answers
- 4 Blog posts
Locations:
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Experience:
Editor for American Physical Therapy Association
March 2001—present
Realtor for Long & Foster Realtors
August 2007—present
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Specialties:
Single-family homes. Investment properties. Helping first-time buyers.
Certifications
& Awards:
& Awards:
APR (accredited in public relations), Public Relations Society of America
Notary (state of Virginia) ... show more
Notary (state of Virginia) ... show more
About:
Don Tepper is a Realtor with Long & Foster. He is also a real estate investor. He is the author of the book "How to Buy a Home With No New Mortgage" and
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Don Tepper answered:
If you made an offer on a conventional (not short sale, not foreclosure) property, your offer should have had an expiration date--usually 2-4 days after the offer is submitted. After that point, the offer expires. Otherwise, your offer is open-ended. That's bad for a number of reasons. First, it can allow the seller to "shop" your offer and try to get a higher one. Also, you remain in limbo until either the offer is accepted or until you withdraw it.
If you made an offer on a short sale, you could be waiting weeks or more. And even if your offer is accepted by the seller, it could taken the lender(s) months to approve (or disapprove) it. It's not unusual for lenders to take 4-6 months on short sales.
If you made an offer on a foreclosure, you'll probably hear reasonably soon--a week or two, maybe.
Make sure your Realtor stays in constant contact with the listing agent.
Good luck.
If you made an offer on a short sale, you could be waiting weeks or more. And even if your offer is accepted by the seller, it could taken the lender(s) months to approve (or disapprove) it. It's not unusual for lenders to take 4-6 months on short sales.
If you made an offer on a foreclosure, you'll probably hear reasonably soon--a week or two, maybe.
Make sure your Realtor stays in constant contact with the listing agent.
Good luck.
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MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.
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Founding members are a small number of participants who submitted content at launch of Trulia Voices to kick off community discussions.
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