Home Buying in 92392>Question Details

Justin, Home Buyer in Victorville, CA

How long does a bank have legally to accept an offer?

Asked by Justin, Victorville, CA Thu Jul 31, 2008

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Hi there Justin, It depends on the bank and the particual property but it can be a couple of weeks to a coulp of months. If it is an approved REO, Thay can be quick
If you need any help with this please let me know

Kind Regards
Michael Barron
First Team Real Estate
1 vote Thank Flag Link Thu Jul 31, 2008
Banks can take weeks or many months to resoind to an offer on a pre-foreclosure sale (short sale). I know one short sale now that has been in progress for 10 months. If you are asking about an REO property, Banks are responding much more promptly because they already own the property and the sale price has already been approved. Is this helpful info for you?
Web Reference: http://deborahlondon.com
1 vote Thank Flag Link Thu Jul 31, 2008
As long as they want. In this financial climate I would think they would respond sooner than later to avoid holding on to the property for too long.
1 vote Thank Flag Link Thu Jul 31, 2008
Is it a short sale? If you do a search on here for short sales you will see this has been a hot topic recently. We have seen banks take many months to respond to offers on short sales. It makes absolutely no sense. You would think the banks would get back to good, solid offers fast, but instead they seem to just ignore them much of the time. We are not saying this is always the case but just from word of mouth from other agents it seems pretty common that the banks take several months to get back to short sale offers. By that time many buyers have moved on to other properties and the banks have to lower the price even more! It seems like the people at many of these banks are asleep at the wheel, as they say.

While many buyers are looking for "short sales" because they sound exciting and new and people like the sound of them, we actually think it is better to look for homes that are for sale from real sellers, and not banks. John Q. Public might be willing to give you a better deal on his home than John Q. Banker who can afford to wait longer. We think the best strategy is to look for properties that have been on the market for several months, with real sellers that need to sell. You can often get these homes for even less than a bank would accept. Good luck with your purchase!
Web Reference: http://www.keyserhomes.com
0 votes Thank Flag Link Thu Jul 31, 2008
I have seen a bank wait up to year prior to accepting any offer. With all bank foreclosures I notify my buyers keep placing offers on other properties till we secure a winning bid.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 31, 2008
hi Justin
It usually stated on the seller instructions or on the contract
0 votes Thank Flag Link Thu Jul 31, 2008
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