I agree with Rob. It all depends on the bank as to the length of time it takes to look at an offer. Right now, banks are completely overwhelmed with foreclosures. I currently have one listed for a local state employees credit union. I have 3 offers on the table and they were all presented to the local branch manager almost 2 weeks ago. Of course, he had to forward them on to his home office in Raleigh for review before accepting one to counter to. I have called the local office about everyday to check on the progress of the offers but, have not gotten a response yet. Buyers looking for a good deal in foreclosures, just have to be patient and not stress out too much. Because, there are some really good deals out there.

Peggy Hall

I have to agree with Mark T. Bank owned can be very difficult. Presently I have a buyer who made an offer on a bank owned property over 3 weeks ago and still no answer from the bank. There are some really good buys out there that are not bank owned........sometimes less stress!

John good answer. There are some GREAT deals and most are not bank owned . Working with bank owned can be very hard. No set time limits. Everybank has there own time frame. I do see it getting a little faster.

if it is a property they already own it should only ne A few days. Having said that, your realtor or the listing agent should already have an idea of the turn around time. many of these listings say right on them how long you should expect to wait. The bank is a corporation that works 9 to 5, so if you put an offer on friday at 3pm it wont even get submitted til monday. There are some fantastic opportunities out there and they are not just ban owned keep an open mind. also some foreclosures are not necesarily a good deal.

Good Luck!

John

Unfortunately Morgan, it depends on the bank. Some banks are overun with paperwork and it could take a month or more. Other banks may be able to get back to you in a week or so. Ask your realtor to stay on top of the bank.

Regards,

Rob