Foreclosure in 91401>Question Details

Lga658, Home Buyer in 91401

How long do banks usually take to accept or counter an offer on a foreclosure?

Asked by Lga658, 91401 Thu Dec 29, 2011

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Grace Mitnick’s answer
Happy New Year
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.

Grace Mitnick
John Aaroe Group
818.453.9154 office direct line
818.516.7593 cell
grace.mitnick@gmail.com
Web Reference: http://www.gracemitnick.com
1 vote Thank Flag Link Thu Dec 29, 2011
all depends on the bank, the offer price, the number of offers received, and sometimes how long the home has been on the market.

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.
0 votes Thank Flag Link Thu Dec 29, 2011
It usually depends on which bank you are dealing with. Some responses happen as quickly as one day, where others take longer. My experience has been that if they like the offer they tend to respond quickly, otherwise I have seen them hold on countering until they review other offers. The good news is that you are dealing with a foreclosure not a short sale.
Web Reference: http://www.blancadover.com
0 votes Thank Flag Link Thu Dec 29, 2011
Usually about 1 day for me lately.
My record short is 1 hour.
My record long is 5 days.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Thu Dec 29, 2011
It can take 3-7 days for a verbal offer, and 3-7 days more for a signed contract.
0 votes Thank Flag Link Thu Dec 29, 2011
lga,

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.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Thu Dec 29, 2011
Hi. I've been involved in many REO transactions and it can take anywhere between 2 and 12 days. Number of offers received play a role, as the Asset Manager will need to ensure he/she is going with the best offer (not necessarily the highest offer). We are now going through the Holidays and that can also delay the process by few days.

Best of luck!
0 votes Thank Flag Link Thu Dec 29, 2011
If there are multiple offers, it may take longer as the bank may be negotiating with the offer in first position and you won't hear anything while they are doing this. If you are the only offer in, most banks will accept or counter within 48 business hours.
0 votes Thank Flag Link Thu Dec 29, 2011
Aproximately 1 to 10 business days has been my experience. If you have made an offer, you can request your Realtor to follow up with the listing agent in a few days to check on it for you.

Good Luck!
0 votes Thank Flag Link Thu Dec 29, 2011
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