Another possibility may be they want other, and hopefully higher, bids before getting back to you. Your offer expired at 5 PM on the 11th. Most lenders have been "perfecting" this process for three years or more, and know exactly what they are doing. The fact of the matter is, you are the buyer in a buyer's market, and assuming you are serious and qualfied AND your agent has made sure their representative understands this, as well as that "time is of the essence" in your proposal, your side should still have the leverage in this potential transaction. My advice to buyers in short sale, REO or auction deals is do not fall in love with any single property; there are likely a half dozen homes similar to this one. Find another, better home, write another contract and move on. Or better yet, submit another, lower offer on this same house and see what happens.

Yes, the short week I'm sure has affected the ability of the bank to get back to you. And your realtor is right, you won't get an answer over the weekend.

The asset managers at the banks are overwhelmed. They have lots and lots of files to handle on a daily basis. Trust your agent. It is not atypical for a bank to go beyond the time period you set. The good thing about the time limit you set is that if you were to find another property before the bank accepts your offer you could, technically, walk away from your first offer and go after another property.

But, since you are under way with an agent - you need to stick with them and understand that they are working for you. If your agent stays in close communication with the listing agent, then you will be able to get all your questions answered.

Good luck! and be patient.

You have to be patient with bank offers, bear in mind that the person you are dealing with has no personal interest in responing quickly. In some cases the banks will not even review offers until the property has been on the market for a week or so.

I would typically advise buyers to give the bank owned property 7 - 10 days to respond.

You will get a response, even if there are other offers.

Good Luck

Regards

Harry Ashley
Broker Associate
Hawk Beach Realty
2 Jungle Hut Rd,
Palm Coast, Fl, 32137
Cell: (386)-931-6054
Fax: (866)-793-2579
harry@palmcoastrealestate-fl.com
http://www.palmcoastrealestate-fl.com