Karen gave a great response. Unfortunately, we are at the mercy of the banks, and the banks do not always make rational or logical decisions. What would never be acceptable by a private seller can become standard for a bank.
I agree w/ your agent....do not withdraw and resubmit.
Dealing w/ banks can be trying.......but sometimes the price is attractive.
If you have faith in your agent....let your agent do his/her job and realize that your agent has limitations in what he/she can do.
Back in 1998 I did a short sale that took 3 months to hear back from the bank. These days we are hearing 1 week to 4 weeks seems to be average. It may be a little more complicated if there is second too. Be patient. I'm sure your agent is working hard to get the offer accepted. The banks are swamped. So many short sales out there. Hang in there and don't give up. Withdrawing the offer and resubmitting it is not going to speed up the process.
Your Realtor is most likely not lying to you. Here in Florida at the moment we have banks that take 3 to 4 weeks to respond to an offer. Their strategy is that during that time they might get multiple offers and then they will have more than one person â€œbiddingâ€.
Iâ€™ve submitted offers to which we never got a response. I always put a limit on the offers I write for my clients. Usually I discuss this with the selling agent, so he can tell me what a reasonable time might be. If you donâ€™t hear from the bank during that time it means that the bank wasnâ€™t even remotely interested in the offer. So going lower might not be a good idea.
If you had made a very good offer you wouldâ€™ve heard from them already, so they might be waiting to see if they get someone else submits an offer. If no one else is interested they will pick up the pace and will negotiate with you in a faster manner.
Best Regards and Good Luck!
When in doubt talk, to a Realtor who understands your goals.
Am I that person for you? There's only one way to find outâ€¦
Contact me today! 407 744 7190 or http://www.rebycarlos.com
If you are interested in looking at bank owned properties in Burbank or Toluca Lake areas please call me.
All the best,
DRE # 01895482
If you are offering on a Foreclosure or REO you should be hearing back in a week or less (for most banks). They may not have responded to your offer if there was another offer that came in at the same time that was better than yours.
If your offering to purchace a Short Sale and waiting for the Bank to respond to you, it could take a few weeks and sometimes months before you hear back from the bank.
Main thing to remember is that each home that is a Short Sale or Froeclosed property (REO) has different wait times even if the same bank owns them. Unfortunately, it's a patience game and if your Agent is very competent, as you say, and this home is perfect for you, stay in contact and try to relax during the waiting stage.
Yes, it is possible for it to take that long. We work with bank owned properties quite a bit. Our experience tells us to constantly be in touch with all parties and ask for updates of progress or degress. Our last property took about 2 weeks to hear back, however we were constantly in touch back and forth, asking for updates to know if we were still "in the running".
Good luck to you,
Lou and Alex
LA Real Estate Group
Your key words are "a Real Estate Agent we have great faith in...". Remember this. Buying a bank owned property is not for the faint of heart! Your agent advised you that it would take some time to get a response and it is. You may verify that he is contacting the bank on a regular basis. I know of one bank that won't even take a phone call from agents, only emails, & then takes 4 - 5 days to respond.
Buying an REO property can be very difficult. You should only attempt it if you really love the property. In the meantime, try not to get too attached. I know this is difficult but you have to know that there are many properties out there & if this offer isn't accepted, you will find something else.
Best of luck,