The banks tend to take longer to respond then a regular sale, can be from 2 days to a week. Other factors are how many offers, how long on the market and how many properties asset manager is handeling.
I would love the opportunity to meet with you to discuss the home buying process where I can also explain the many different experiences you may have depending on if you buy a regular sale, short sale or foreclosure.
I have 18 years experience serving the San Fernando Valley & Los Angeles areas.
John Aaroe Group
818.453.9154 office direct line
Some banks will not review offers for the first 7-10 days the home is listed for sale. Others will only consider owner occupancy offers for the first 15 days or so.
Unfortunately there is no rule of thumb in these transactions. We recently completed one where we were out of contract for almost 3 weeks before and we got everything one day before the buyer was going to terminate the deal.
We had another where we didn't get all the signed paperwork for 2.5 weeks after we were told we had a deal.
A good asset manager combined with a good listing agent will shorten the process, just like bad ones will make it much more complicated.
The best thing you can do is get the best agent/broker you can who is familiar with the process and be prepared to exercise patience. Another thing you definitely want to avoid is having other time-sensitive issues - moving, etc... - tied to your supposed close of escrow date because there is a very good chance it will close later than expected.
Lance King/Owner-Managing Broker
Best of luck!