Well then...

You are looking to buy two homes or just the first one that gets accepted?

Either case, this question of how long it could take for a response is almost irrelevant, because there are so many different factors. After you have acceptance is when the real questions begin. At that time a buyer broker(a good one) will save you time and money. Will you get the same from dealing direct with a listing agent? That really depends on your level of experience, and the integrity of the listing agent.

You may want to consider just dealing with one Agent, focusing on your end goal.

Good Luck
Patrick

I understand your confusion, but my questions related to two different transactions. Thanks for your post.

I'm confused. In one of your questions you said the offer was submitted straight through the listing agent. You said, "I didn't use a buyer's agent because I felt the listing agent would be more motivated because he wouldn't have to split the commission." (which to be honest, is a complete fallacy).

This question says your offer was submitted through a buyer's agent.

If you have a buyer's agent, you need to be addressing this with them. They know the details of your offer, whether this is a short sale or bank owned home, etc. No one on the internet can give you a specific answer as we know absolutely nothing about this transaction.

If you are working directly with the listing agent, well, good luck. They represent the seller and the seller's interest, not yours.

The best I can tell you is that it's difficult to use the word "reasonable" and "bank" in the same sentence. There is no logic, no rhyme or reason to how banks operate. It depends on the lender, and the loss mitigation specialist who gets the file (and how many times they pass that file around, and/or lose the file).

On REOs (lender owned) they are *usually* fairly quick to respond. Short sales can take weeks to months.

You may want to consider a traditional sale where there is a human being on the other side of the transaction, not a bank. You are far more likely to get a quick response. And there are plenty of those to chose from in the Phoenix market.

There is also much more to an offer than the purchase price. Hopefully your agent (if you are using one) understands that and has explained it to you.

By reading your other questions, I am beginning to think you do not trust the people you are working with, which is understandable. This real estate market does not make a lot of sense.

In my experience I have put Buyers agent, Listing agent, and client on a conference call. Then you will have all of your answers, which will lead to the determination that the Bank is the problem.

You have a Buyers Agent this is their job to answer your questions, they are at ground zero with you, this is what you are paying them for.

To answer your question...
Bank Owned 1 to 10 business days
Short Sale....forever

Good Luck
Patrick
480-543-9899

After completing short sales in 2008 to 2009 - I tell you truly.....there is NO perfect answer. Both answers below are correct and give you an idea of what agents face in trying to assist clients through this maze.

The ones I have worked have closed in as little as 2 months to a total of 8 months. If you get involved in a Short Sale, be prepared to wait. Your purchase price is so much lower than the original market price, what you put in in time, you will get in price reduction.

Dawn O'Neal
Realty World Executive Advantage
408-923-7758

There are two questions here. One is time frame: ask you agent. Each bank has a different time frame, different procedure and bureaucracy. Reasonable is a week or less, but it can take longer - depending on the bank and the person handling the file.
Cash does not change anything. 32% of all purchases in any price range are cash. For the bank cash often has little sway and will not influence the time to reply. In other words you have to adjust to them if you want the home.

Not uncommon. Sometimes can take weeks to get an answer, if they even bother to update everyone that submitted an offer. All your agent can do is to keep checking with the listing agent for an update.