Foreclosure in Waldorf>Question Details

tommywaters, Home Buyer in Ann Arbor, MI

I placed a bid on a bank owned foreclosure. How many day does it take to get a answer?

Asked by tommywaters, Ann Arbor, MI Fri Feb 15, 2013

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Most bank owned properties allow a 2 week window for all offers to come in, then all offers received will be submitted to the bank for review. The top 5 or so will usually be countered back for your "highest & best" offer, and then the acceptable offer will be chosen based on the counter offers received. It is important to really present your best offer as bank owned properties are mainly concerned about receiving the highest sales price!
Good Luck on your offer!
1 vote Thank Flag Link Fri Feb 15, 2013
Thank! I have a follow up question.
If I win the bid on the foreclosure, and the appraisal is much lower can I lower my offer to that appraisal?
Flag Fri Feb 15, 2013
Banks articulate equivocation as a language.
1 vote Thank Flag Link Fri Feb 15, 2013
Thanks! I have a follow up question.
Thank! I have a follow up question.
If I win the bid on the foreclosure, and the appraisal is much lower can I lower my offer to that appraisal?
Flag Fri Feb 15, 2013
Banks operate on their own time frame. You could get an answer back in as soon as an hour for larger banks or 2-3 months. Check with your Realtor on what to expect from this particular bank.
Web Reference: http://www.archershomes.com
1 vote Thank Flag Link Fri Feb 15, 2013
Thank! I have a follow up question.
If I win the bid on the foreclosure, and the appraisal is much lower can I lower my offer to that appraisal?
Flag Fri Feb 15, 2013
When you get in the purchasing a foreclosure or short sale game, your at their mercy of the bank. So if TIME is of any importance to you, purchase a property that is not a foreclosure or short sale.
0 votes Thank Flag Link Sat Feb 16, 2013
What I've noticed is that some banks will take a few days to respond and others don't even look at offers that come in the first 7-10 days. Its a way to get as many interested buyers to submit their offer. Generally getting multiple offers. A win, win for the banks. I know its frustrating. Good Luck!
0 votes Thank Flag Link Fri Feb 15, 2013
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