Foreclosure in South Semoran>Question Details

Marilyn Mald…, Home Buyer in South Semoran, Orlando...

how long we has to wait for a response in a multiple offer stuation?

Asked by Marilyn Maldonado, South Semoran, Orlando, FL Fri Oct 1, 2010

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Dave here gave a great answer...
0 votes Thank Flag Link Wed Oct 6, 2010

In the case of an REO; it can be days to weeks. i have had some banks respond within hours fo the multiple offer deadline and other banks that have taken ten plus days. You need to find out which bank it is and ask the realtor to give you their experince in dealing with that bank in offer situations or have your realtor ask the lsiting agent.
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0 votes Thank Flag Link Tue Oct 5, 2010
Hello Marilyn,
There is no right answer to this question, all of the responses below are correct. REO's are in a category of their own and each bank (seller) operates at a different pace depending on their work load and times to review it with their investors. I wish I could give you a time line, but I can tell you that your agent needs to stay on top of your offer. Don't give up, PATIENCE is one quality you will need to proceed with a bank foreclosure. In the end, it is worth it, just be prepared to hurry and wait. Everything is done on the bank's time line.

Oh one more thing, you can increase your offer even after you submitted it if you really are motivated to get the property. Just contact your agent and hope they will be assertive for you!

Good luck with your offer and hang in there!
Katie Mazloom
Metro Brokers Realty
0 votes Thank Flag Link Tue Oct 5, 2010
In the case of an REO, it can take a few days or a few weeks. Make sure your agent stays in contact with the listing agent. I had a scenario where the lender accepted a contract but never heard anything back from the listing agent. I checked the MLS and noticed the listing was pending. I received a response from the listing agent after I sent a few emails.
Good luck!
Ainsley Daux
Home Run Real Estate inc
0 votes Thank Flag Link Sat Oct 2, 2010
If the property is bank owned it can take sometimes a week or can withdraw your offer in writing if you decide not to wait or note a date on the front page of the contract for time for acceptance of offer as a deadline date
0 votes Thank Flag Link Sat Oct 2, 2010
Good Morning Marilyn,
That is usually up to the Seller. If this is a Bank owned property, it can take 2-7 days. In some cases longer.
Ask your Agent to follow up daily. Sometimes the Bank has already accepted another offer and the other
potential Buyers like yourself were not told.

Good Luck to you,
Wendy Golding
Asset One Realty, Inc
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0 votes Thank Flag Link Sat Oct 2, 2010
I once had a fannie mae REO that took two weeks for a decision on mutiple offer situation! Keep looking while you're waiting for an answer.
0 votes Thank Flag Link Sat Oct 2, 2010

It is in the control of the bank. They may have a set date to except offers until (date), their determination. The lender is in control here. Patience is necessary in all distressed property sales.

Debbie Albert, PA
Coldwell Banker Residential
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0 votes Thank Flag Link Sat Oct 2, 2010
Great answers from my fellow brokers from FL & CA. I’m a broker in both states. However, it is unclear about the foreclosure aspect ie: has the property already been foreclosed and owned by the “bank” or is it a “short sale” needing a seller’s acceptance before getting the lenders approval to pay off less than the seller owes on the property? Either one has different time averages. In either case, your contract will provide a time limit to cancel your offer to purchase if the owner of the property does not respond. (Bank or Carbon Based Life Form) The seller doesn’t have to respond. We brokers are required to submit all offers to a seller in most cases however, there is no law that requires a seller to respond in any way. The bottom line is that after your offer to purchase deadline has expired you can either withdraw or wait. How long? …..My crystal ball is in the shop for repairs. If it’s too long for you personally then withdraw and move on.
0 votes Thank Flag Link Fri Oct 1, 2010
It depends on the bank. I wouldn't wait longer than a week. Ask your agent to contact the listing agent for a status report. Otherwise, I suggest you start looking for another house.

Best of luck to you!
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0 votes Thank Flag Link Fri Oct 1, 2010
In todays environment you might not ever hear back on a multiple offer situation. You need to have an aggressive agent that is willing to follow-up daily or at the very least weekly. I would like to tell you that real estate agents are all professionals when it come to communication prodecol but that is just not the case. Good Luck to You
0 votes Thank Flag Link Fri Oct 1, 2010
Check with your agent. You indicated that it is a foreclosed property and there is a deadline that the bank gives. All the ones I have done get back within 48 hours, even in multiple offer situations.
0 votes Thank Flag Link Fri Oct 1, 2010
Hi Marilyn-

The multiple offers can take some time- make sure your agent is in constant communication with the listing Agent!

Good Luck!!
0 votes Thank Flag Link Fri Oct 1, 2010
It depends on the seller. i assume you're talking about a REO bid. In that case the answer can take anywhere from 1 day to a week. I don't remember it ever beeing longer than a week. Be patient! :)

Elena Ollick
Amerivest Realty
Faith Home Loans
Latest Post: Naples Luxury Home on Fire
0 votes Thank Flag Link Fri Oct 1, 2010
Unfortunately unless you gave a deadline when making an offer the seller can take their sweet old time. Why they would, I have no idea. It can be because the offers are very close, or they didn't get anything they really liked. You can have your agent ask what is taking so long, or for an update (this way you know if you might need to pull back or submit another offer that is better). Being proactive is usually a good thing in these situations as it usually leads to clarification and/or an end.

Best wishes
0 votes Thank Flag Link Fri Oct 1, 2010
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