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.
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!
Metro Brokers Realty
Home Run Real Estate inc
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,
Asset One Realty, Inc
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
Best of luck to you!
Faith Home Loans
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