Home Buying in 60047>Question Details

airsobes, Home Buyer in Long Grove, IL

Does a bank owned property that has completed the foreclosure process have to stay on the market for 8 days before they can accept an offer?

Asked by airsobes, Long Grove, IL Wed Oct 10, 2012

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9
airsobes,

Fannie Mae properties and most bank owned properties delay the time they will review offers to increase their chances of having multiple offers at the same time. Sometimes they delay to offer the property to owner occupants first and investors later. This is a common practice and it usually helps them get the best and highest possible offers.

All the best,

Gary Geer
Results Realty
0 votes Thank Flag Link Thu Jun 27, 2013
Many bank owned have a first look initiative to provide buyers for primary residence the chance to beat out investor class buyers early in the listing period. primarily for neighborhood stabilization. The key is to use ONE local active agent that can bird dog all new REO's so you can get in there early to decide if you want to write an offer so you are not competing with a flipper or investor that wants to rent it out.
0 votes Thank Flag Link Mon Jun 3, 2013
airsobes,

The seller decides when and if they accpet an offer. In this case it's a bank and every bank has their own critera. I specialize in foreclosures and short sales. Feel free to contact me anytime for help in finding and accuring a foreclosed home. Contact me with your critera for a home and I can send you a list of active foreclosed homes. That list will update everyday so you will be one of the first buyers to see what is for sale. I also offer a free buyer market analysis for any home you may choose to help guide you with your offer. Over 25 years experience. Looking forward to helping you.

All the best,
Gary Geer
Results Realty
0 votes Thank Flag Link Wed May 1, 2013
Many bank owned have a first look initiative to provide buyers for primary residence the chance to beat out investor class buyers early in the listing period. primarily for neighborhood stabilization. The key is to use ONE local active agent that can bird dog all new REO's so you can get in there early to decide if you want to write an offer so you are not competing with a flipper or investor that wants to rent it out.
Hope this helps if you like my answer thumbs up me and best answer, thx!
0 votes Thank Flag Link Sat Jan 19, 2013
As Scott said - it depends on the bank or seller. Different banks have different requirements and some do have a waiting period. If you'd like to have a better shot of acquiring the property (and perhaps better information on it) - you may want to use my services. I'm an SFR (Short Sale and Foreclosure Resource Expert), and most importantly - an Exclusive Buyer Agent (meaning that I'm always on your side w/o any conflicts of interest - and a specialist - not a generalist). As a Certified Negotiation Expert and Certified Negotiation Consultant - I have certain techniques that I can use that will increase your chances of being the winning bidder in any multiple offer situation - without overpaying for the property. In the past ten years - we've never had a property not appraise out for a client (you don't want to know what the industry average is here locally for agents... it isn't pretty.).
0 votes Thank Flag Link Thu Dec 20, 2012
HI Buyer, I am pretty sure I know exactly which property you are talking about, but yes I do agree with Scott, there is typically a waiting period, depending on the bank. Hang in there, I do hope you end up with the results you are looking for, I am also here if you have any questions!

Samantha Kalamaras
847-858-7725
http://www.homeswithsamantha.com
0 votes Thank Flag Link Thu Oct 11, 2012
So not a law? Was told differently. This is quite a frustrating experience.
0 votes Thank Flag Link Wed Oct 10, 2012
It depends on the bank or seller. Different banks have different requirements and some do have a waiting period. Others will only look at offer from buyers that will actually live in the home for the first couple of weeks. Then the seller will look at investor offers. I list and sell foreclosured properties, short sales, and regular sales. Please feel free to call me if you have any questions.

Scott Collins
RE/MAX Showcase
Long Grove, IL
847-308-6550
ScottCollinsHomes.com
0 votes Thank Flag Link Wed Oct 10, 2012
Hud properties have a 10-day waiting period before offer acceptance, but most if not all other foreclosure sellers accept when they get the offer they want.
0 votes Thank Flag Link Wed Oct 10, 2012
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