Foreclosure in Burbank>Question Details

Ferr2066, Home Buyer in Texas

if you havent heard back from the bank from a week on a forclosure does that mean they picked a difference offer

Asked by Ferr2066, Texas Fri Oct 14, 2011

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12
Jeri Creson’s answer
Short answer: Nope. Long answer….well, my friendly fellow agents below have some good answers and scenarios. You're still in there until they tell you that you aren't. So here are some good ideas for things to do while waiting: Learn a new language, troll the internet….braid daisies into a chain and wear it in your hair…consult a guru…spin around both ways to see if you can make yourself dizzy, then unwind….make little soldiers out of paperclips and shoot them over with rubber bands on your desk…. LOL - Just teasing - this part is the worst, isn't it? Waiting, and waiting, and not knowing…. one would think it would be a fairly easy decision to pick the highest and best offer…. I feel your pain, and all joking aside, it's a part of this crazy market we're in. The rules of yesterday are suspended…3 days to get a decision back on an offer is a miracle, instead of expected nowadays. Just keep the faith…and keep looking - if you don't get this one, a better one is bound to be just around the corner.

Take care,
0 votes Thank Flag Link Tue Nov 22, 2011
Banks typically take a week or two to respond to offers. If it is a new listing, they may be sitting on your offer to see if any additional offers come in. If there are already multiple offers, expect the seller to request 'highest and best offer from all parties'. No matter what the situation, expect to hear back within the next few days. Make sure your agent follows up daily.
0 votes Thank Flag Link Mon Oct 17, 2011
Different banks have different turn around time on offers.... Your agent should be able to get a clear answer from listing agent on wether there is an accepted offer...
Web Reference: http://www.KobiCosta.com
0 votes Thank Flag Link Sat Oct 15, 2011
I would agree with the advice below of your agent should have a good idea of where you are for your local area customs. Bank owned homes in our area typically respond within 3-5 days, unlike a shortsale which could take much longer
0 votes Thank Flag Link Sat Oct 15, 2011
Sadly, there is no rule of thumb. Some lender responds reasonably quickly, but others take forever.
0 votes Thank Flag Link Sat Oct 15, 2011
Take a long vacation with your family and don't think about it until you get back. Chances are the deal will still be caught up in never never land somewhere. The sad reality is that REO's can be very time consuming and frustrating. Be patient.
0 votes Thank Flag Link Fri Oct 14, 2011
If under foreclosure you mean REO, bank owned property, than it approx. takes few days to 3 weeks for a lender to answer. If under foreclosure you mean Short Sale, than the seller is still the owner, and the owner is deciding which offer to accept. And if you didn’t put any specific date in your purchase agreement, than it is up to 72 hours for seller’s response. Only after that the seller’s lender is accepting, rejecting or counter offering the seller’s accepted offer. It can take approx. one to few months of back and forth, to get lender's approval. The best way for you is to hire an agent who is familiar with Short Sales and/or REO’s in your local market.

Respectfully,
Ludwig Parsamian
http://www.myshortsale.us
0 votes Thank Flag Link Fri Oct 14, 2011
Hi Ferr2066,
Sometimes bank owned properties do take a bit longer to get a response. Have your agent follow up with listing agent. Also many banks now have 800 numbers you or your agent can call to get status of your offer. Usually if you have not had a response within 72 hrs of making an offer excluding holidays and weekend days.
Hope this helps.
B est wishes on your offer - hope you get it.
Norma
The Achievers Grp - REO Division
Remax Town Center
0 votes Thank Flag Link Fri Oct 14, 2011
I would recommend having your Realtor contact the listing agent and ask for an update. Normally the Asset Management company is actually handling the sale, and they have very specific guidelines.

The Listing Agent should know which offer has been selected, because time is money. normally the sellers want their money in 30 days, so they are not going to waste a week waiting...

OTOH, a short sale is another matter...
0 votes Thank Flag Link Fri Oct 14, 2011
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi Ferr2066,
Thanks for your question!
Unfortunately, bank owned properties generally have longer response times than regular properties that are on the market. Ask your agent to if he has heard from the bank. If he/she hasn’t, ask him to follow-up to see where they are in their process. In the meantime, try to be patient and consider “no news” as “good news”.

Good luck!
Web Reference: http://www.findmdhouses.com
0 votes Thank Flag Link Fri Oct 14, 2011
Rather than using the word foreclosure, let's call it a short sale or a bank owned property. Either would require the banks ok. A foreclosure goes to an auction at the courthouse and requires cash to buy.

A short sale can take months to get an answer. A bank owned home, also called an REO, will take less time to get a reply.
0 votes Thank Flag Link Fri Oct 14, 2011
Your agent can better advise, since none of us are directly involved in the transaction, therefore consider a consultation; some lenders are quicker than others...
0 votes Thank Flag Link Fri Oct 14, 2011
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