Home Buying in Big Lake>Question Details

stacey017, Home Buyer in Big Lake, MN

How long do banks usually hold out for an above asking price offer on a foreclosure?

Asked by stacey017, Big Lake, MN Sun Jan 15, 2012

We made an asking price offer, but they are holding out. Why?

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Answers

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Most of the Banks, if they had 5 Offers, they will either resond to one and completely ignore the other 4, or, they will ask 2 to 5 of them for their Best and Final Offer.
You don't say how long it has been;
If you are going to get the B&F counter, it will usually be 3-5 days
If you are going to be ignored, it usually happens right away.

Good luck and may God bless
0 votes Thank Flag Link Mon Jan 16, 2012
Typically you should have an answer in a short period of time with a foreclosure--usually 2 to 3 days at the most. Have your agent give the listing agent a call to find out why they haven't responded.
0 votes Thank Flag Link Mon Jan 16, 2012
Hi, stacey017!
Not sure what you mean. Have you already made an offer and it's not been responded to? If that's the case, I agree with one of my colleagues here. There's no "forcing" the banks to do anything. I do think it's a problem if it's a full price offer and has not been responded to. In most cases, if the house is listed with a real estate company, the contract will state that if a buyer comes along that meets all of the terms the seller has set out in the contract (price being one of them), then the seller is bound to move forward with the transaction.

So, I would question exactly what's going on here. And, give us a little more information to go on to advise you.

Let us know how it turns out, stacey017!
0 votes Thank Flag Link Mon Jan 16, 2012
How are they holding out? Have they countered your offer, or are you waiting for an answer from them?
0 votes Thank Flag Link Mon Jan 16, 2012
Hi Stacey,

Typically banks don't "hold out". There are alot of foreclosed homes that have a waiting period before they will respond to offers - I would ask your agent to check to see if this is the circumstance.
0 votes Thank Flag Link Sun Jan 15, 2012
There are ample exceptions, but I find the bigger the bank and the further away it is, the harder they are to deal with and the dumber their actions seem to us. I have tried putting expiration dates on Purchase Contracts to find them (sometimes) just totally blown off and ignored. And, here, REOs usually sell under the asking price. Bidding wars are rare. But it is recently on the market, they may p-refer to stall in hopes something better will turn up and they will risk losing the bird in the hand in this hope.
0 votes Thank Flag Link Sun Jan 15, 2012
Hello,

The bank’s response time depends on how long the property has been on the market. Banks may not respond immediately on a new listing for they may waiting to see if they will receive multiple offers. Listing agents typically can’t hurry a bank to respond to an offer. The bank will eventually come back asking for the buyers highest and best offer. While you are waiting, you may be thinking about how you will respond to the bank’ highest and best offer request.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Sun Jan 15, 2012
Receiving an answer on a bank owned home depends on if the agent is holding your offer or if the bank has a holding period of its own. you should be able to easily ask the listing agent how long they usualyy take. I can get answers within 24 hours on most of my bank listings and some times the same day. If it is Fannie Mae or Freddie Mac they do take 5-7 days which is why buying one of their homes is so stressfull and hard.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 15, 2012
I don't understand the question. Was your offer contingent on anything?
0 votes Thank Flag Link Sun Jan 15, 2012
Why? Because they can. I have seen banks hold out for 6 months to a year, lose several full-price buyers and finally sell for much less. We do not know how or why these processes are done the way they turn out. That is why I tell buyers to be patient, flexible and just wait. So many things happen during the do nothing period and many people cannot wait for the long periods - as much as two years - if they need to move and have given notice or sold a home or? Everyone would like to know the why on this one. Liz 612-986-4195
0 votes Thank Flag Link Sun Jan 15, 2012
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