Question Details

Abrianna Shu…, Home Buyer in Augusta, GA

I'm buying a foreclosure and i put in an offer in early May and now its the 18th. How much longer will i have to wait to hear back from the bank?

Asked by Abrianna Shutley, Augusta, GA Fri May 18, 2012

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Answers

3
Properties owned by government agencies often have an initial period where bids are accepted but not opened. Are you in this category?

If you are not in that category, as the seller when you will get an answer.
0 votes Thank Flag Link Sat May 19, 2012
Hello Abrianna,

A good recommendation is for your agent to contact the listing agent regarding the delay in getting a response for your offer. Some banks require a waiting time before they will respond to offers. There may be a problem with the property that is causing the bank to wait in responding to your offer. Maybe there is another offer that fell out of escrow that the bank is waiting for cancellation before accepting another offer. You need to do some investigation to find what is occurring.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Sat May 19, 2012
That's a long time. I'm assuming you used a real estate agent, so ask your agent to get you an answer. There are really only 3 answers the bank can give: acceptance of the offer, rejection of the offer, or a counteroffer. Typically on a foreclosure, one of these three answers will be provided in 24-72 hours. Anything more than that and it needs follow-up to ensure the offer was received and considered.

Good luck!
0 votes Thank Flag Link Sat May 19, 2012
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