Home Buying in 01020>Question Details

Triciaslcd, Home Buyer in Las Vegas, NM

Do bank still accept offers even though you are the first one to offer on BANK OWNED house?

Asked by Triciaslcd, Las Vegas, NM Mon Jan 10, 2011

Because I want to offer on this BANK OWNED house and I was just wondering if the bank will close it asap so that I can get an approval or not or do they wait until they get high offers/bidders?

Help the community by answering this question:

Answers

12
In Virginia the bank will usually continue to accept offers until they make a decision. I expect that, if there is a flow of offers on a property, they will be in less of a hurry to make a decision and actually ratify one. Most banks have their own way of dealing with distressed properties and working with a good agent and/or loss mitigation specialist is the best way to approach it. Good luck.
2 votes Thank Flag Link Mon Jan 17, 2011
It's fair game until it closes. Banks do what they want.
1 vote Thank Flag Link Tue Jan 11, 2011
Lender can still accept offer HOWEVER we recommend for all clients submit your best offer. Lenders don't have an immediate response could be 30 -45 days or more.

Best keep looking

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 17, 2011
Hi there, Tricia! Good luck to you! A bank is made up of a bunch of human beings - so, there are all sorts of different folks handling the sales of foreclosures on behalf of lenders. Lenders put guidelines in place to control the process, but a lot about the process is controlled by people. So, it is a case by case thing. Based on experience, depending on the strategy being used, a bank will list a property and then accept offers from potential buyers for a certain period of time, then accept the offer with the best terms (balancing price, financing terms, etc). The short answer is "probably yes." If you don't have a real estate agent representing you yet, get one - this is a complicated process! Find an agent so that you have access to all of the knowledge and experience the agent has and so that you can best formulate a strategy to make yourself THE buyer of the home you like!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Mon Jan 17, 2011
Hi there, Tricia! Good luck to you! A bank is made up of a bunch of human beings - so, there are all sorts of different folks handling the sales of foreclosures on behalf of lenders. Lenders put guidelines in place to control the process, but a lot about the process is controlled by people. So, it is a case by case thing. Based on experience, depending on the strategy being used, a bank will list a property and then accept offers from potential buyers for a certain period of time, then accept the offer with the best terms (balancing price, financing terms, etc). The short answer is "probably yes." If you don't have a real estate agent representing you yet, get one - this is a complicated process! Find an agent so that you have access to all of the knowledge and experience the agent has and so that you can best formulate a strategy to make yourself THE buyer of the home you like!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Mon Jan 17, 2011
Yes they can right up until the closing. That is usually spelled out in the listing and the Purchase and sale agreement
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Tue Jan 11, 2011
It depends on the bank or investor, if a property has just been listed in most cases they will be slow to finalize anything wanting to give time for additional offers. If you are an investor Freddie and Fannie owned properties have a 15 day period in which you have to wait to give owner occupant purchasers the first opportunity.
0 votes Thank Flag Link Tue Jan 11, 2011
It depends on the bank, some will answer offers as they come in, if they get one that is acceptable to them they will accept. the key is offering an offer that will be acceptable, you should assess what it is worth in todays market, base your offer on that, include a preapprovale, cashiers check for deposit , be ready to close within 30 days and try not to put any contingincies in your offer.

Please see my blog with tips and advice for making an offer onm a bank owned home.
0 votes Thank Flag Link Tue Jan 11, 2011
It depends. Many banks have clauses in their purchase agreements and/or addenda allowing them to be able to continue to market the property and accept other offers up to the closing date.
0 votes Thank Flag Link Tue Jan 11, 2011
It depends on the Bank. Most banks want to get the best offer possible. Wells Fargo markets properties for a mandatory 7 days for Owner Occupied buyers, and 14 days for Investors. Fannie Mae markets for 3 days for Owner Occupant buyers and 14 days for Investors. Flagstar Bank markets a minimum of 5 days. Each bank has its own timeframe, but it only makes sense to market a property over the weekend. If your offer is strong, they may accept it the day the mandatory marketing time is up. If it is a weak offer, they will sit on your offer, and wait for a better one, or they may counter your offer up. I would suggest submitting your offer right away. The Las Vegas market demand has slowed, and the Bank may take the first decent offer.
0 votes Thank Flag Link Tue Jan 11, 2011
I deal with REO's all the time. If you read the offer you sign with the bank for that REO, they will usually reserve the right to accept any offer at anytime, so close quickly, if possible!!!! Please be careful with REOs and read and understand everything you are signing with the bank! You are taking on a lot of responsibility.
0 votes Thank Flag Link Mon Jan 10, 2011
Typically bank owned propertes reserve the right even up to the last minute to solicit higher & better offers. You need to review any and all contracts and other documents/disclosures carefully to see what the banks position is on this. An attorney can best review & explain your rights & responsibilites are.

Hope that helps,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Mon Jan 10, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer