Foreclosure in Wichita>Question Details

Snowturkey, Home Buyer in Wichita, KS

On a Short Sale/Forclosure How long does the bank have to respond if they will accept the offer?

Asked by Snowturkey, Wichita, KS Wed Jan 12, 2011

How long does the bank have to respond to a offer?

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Answers

11
till hell freezes over:( no set time.
1 vote Thank Flag Link Tue Jun 19, 2012
Unfortunately there is no time limit in which the bank must respond to your offer. There can be a big difference in the amount of time it takes to get acceptance, depending on the institution. Let your Realtor know upfront how long you are willing to wait so you can discuss your options. You can always withdraw your offer before acceptance if you feel it is taking too long.
0 votes Thank Flag Link Thu Jan 20, 2011
I'm curious, who told you you could not break your contract until the closing date passes? That sounds ridiculous. If you don't have a Realtor working for you, you should. As others have said, a short sale can take a long time, and there's nothing you (or we) can do to speed things up (except jump when they say jump). And you can withdraw your offer at any time prior to short sale acceptance. With a foreclosure, it usually doesn't take as long to get an answer as a short sale. And even if you submit an offer, and it's accepted, you can usually get out of the contract and get EM money back (if there's a valid reason - like inspection, appraisal, etc.).

If you need the name of a Realtor in your area, let me know.

Sally

sally.grenier@coloradohomes.com
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Wed Jan 12, 2011
P.S. your offer is basically an "Unaccepted" offer until it is Formally "Accepted". Below I was trying to say that you can Withdraw your offer that has not been actually Accepted. It may not officially be an "unaccepted" offer but for all intent purposes it's not accepted either and therefore you can withdraw...

crud, I gotta learn to think B4 I write sometimes!!!
0 votes Thank Flag Link Wed Jan 12, 2011
Snowturkey,

If you do not have an accepted offer yet, then you cannot have an actual closing date. Possibly in your offer you stated a 30 day or ? closing. This should reflect a closing date 30 days after acceptance to your offer.

You may withdraw your "unaccepted offer" at anytime and not be subject to the loss of your earnest money. You may only walk from an "accepted" offer/contract if there is things like a valid contengency in place. i.e. "financing approval" and you fail to get Loan approval. or termite or Home inspection and there are Termites or valid Home repairs that are neccessary....

Short sales "can be" total night mares that literally Never close. and No, there is Nothing we can do to speed them up! Except for not slowing them down even more by failing to do our job along the way....

Yes, you can write in your offer that the Bank has a specified # of days to accept your offer or it is void.

Hope this helps!
0 votes Thank Flag Link Wed Jan 12, 2011
A short sale is not a foreclosure. A short sale is when the seller still owns the property and we need to negotiate with the bank to take a lower payoff. On average, a short sale will run about 3-6 months to get closed. Although, that is not written in stone and does vary per file.

A foreclosure is a property that is already owned by the bank. The response time is relatively quick on foreclousres, usually you will hear something back in a few days.

Don't hesitate to call with any questions.

Thank you,

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Wed Jan 12, 2011
As others have said, a bank can take as long as they want or need to when it comes to responding to an offer. I've been researching short sales with a particular bank before I take a listing and there are agents who put offers in last March who have not heard back yet. This seems excessive, but it obviously happens.

Talk to your agent and let him/her know what your comfort level is regarding how long you want to wait for a response. You can choose a date 30, 60, 90 days in the future for the expiration date of the offer. That way, if you want to move on at that point, you can. Your realtor can help guide you in that decision.

Good luck!
0 votes Thank Flag Link Wed Jan 12, 2011
Unfortunately, when it comes to short sales, there are no set standards of time as to how long it will take, therefore much patience is needed...your agent can best advise relating to your specific situation...
0 votes Thank Flag Link Wed Jan 12, 2011
The length of time depends on the circumstances of each and every short sale situation and the institution you are dealing with. I am working with Bank Of America through their Equator system right now. So far I find it very efficient. The time it takes is not only dependent on the financials (offer, debt, appraisal), but also on the accuracy and response time of documents and tasks the bank asks for to be submitted.
0 votes Thank Flag Link Wed Jan 12, 2011
so they can take however long they want? How do you get them to give you a answer quicker? can you put it on the contract the bank has so&so days to give answer?

I was told I could not break my contract until the closing date passes, or i could loose my earnest money. Is that true?
0 votes Thank Flag Link Wed Jan 12, 2011
Unfortunately, they have as long as they want to take. You always have the option of withdrawing your offer at any time prior to it being accepted. Hope that helps.
0 votes Thank Flag Link Wed Jan 12, 2011
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