Foreclosure in La Mesa>Question Details

L, Home Buyer in Santee, CA

How long will bank take to review offer for home over 400 days plus on market?

Asked by L, Santee, CA Sat Sep 6, 2008

Bank owned for 410 days, house needs roughly about 50,000 in improvements. Bank wants 549,000. Approved with loan in hand. Sent pictures of some damage that requires extensive labor. We offered 275,000 as is. Home was taken back for 792,000 by bank. Sold in 1997 for 265,000. How long will bank take to review?

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About 3 days. Most banks move fast on foreclosures - very slow on short sales - they probably won't consider your rock bottom offer. Good Luck!
0 votes Thank Flag Link Sat Sep 6, 2008

If your number was closer to their number, I would expect a relatively short response period. But since it is not, there is no benefit for the bank to rush the procedure...If they take their time, possibly someone else will drop a higher number into the mix.....

Do you have a contact person.....I recommend establishing a daily ritual of telephoning, emailing, texting....whatever it takes to get them moving.

Good luck
0 votes Thank Flag Link Sat Sep 6, 2008

It varies from bank to bank, and also depends on how often the listing agent submits offers to the bank. A week to 10 days is not unusual, although some banks will respond in 48 hours. Have your agent call the listing agent and find out the status of your offer. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Sat Sep 6, 2008
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