Home Buying in San Jose>Question Details

Ashley, Home Buyer in Corona, CA

How long does it usually take for boa to response back with your counter best and final offer?

Asked by Ashley, Corona, CA Sat Jun 30, 2012

I have out an offer for a boa house. 4 days after, boa came back and say there are multi offer and like me to submit the counter offer form and my best and final offer. I did that and haven't heard back from them. I check the MSL is it say hold status, is that a bad news for me since I haven't heard anything back from them. Please advice,

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Stephanie Leon PA 786-574-3928’s answer
Hi Ashley,

What did your agent tell you? Usually after the Highest and Best deadline it takes 3-5 days to get back to you.

I would have your agent stay on top of your offer and keep you updated on the status.

Good Luck...
1 vote Thank Flag Link Mon Jul 2, 2012
Thank You Ashley
I wish you the very best on your home purchase.
1 vote Thank Flag Link Sun Jul 1, 2012
Unfortunately, in this modern day-and-age;
social skills are no longer taught, particularly in business.

If you did not get the property, you will not get a response.
nothing! no word. no rejection. no; I'm sorry! nothing.

Good luck and may God bless
1 vote Thank Flag Link Sat Jun 30, 2012
Ashley,
HOLD status could be a good thing as they may be waiting on someone elses paperwork. With all the people out there who fail to have it together,.... you may have a chance. Did you get pre approved through BofA? did your agent tell you that they may demand it on some of their properties?
If you have not been notified and it is on HOLD status, It may be time to move on.
The only one who gets notified is the winner.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@homecorona.com
http://www.homecorona.com
California Department of Real Estate Broker License # 01312992
1 vote Thank Flag Link Sat Jun 30, 2012
Yep, I agree with the other responses 3 to 5 business days has been my experience.

Your agent is the best resource. They would have contacted the Listing agent prior to sending your offer over. The Listing Agents usually have instructions that the Buyer is to follow when submitting their offer. If you submitted as requested and put your best offer forward then you wait to find out if your offer is the best. If not you may or may not hear back from the Listing Agent depending on the amount of offers on the subject property and depending on the amount of volume the agent handles.

Imagine. If they carry an inventory of 10 or more homes and they receive 10 or more offers on each property they just may not have enough time in the day to contact every agent who calls them or submits an offer. I've had some good experience with the Listing Agent and some just don't respond back. Unfortunately it is the nature of REO sales.

I understand your frustration in wanting to know an answer. In your contract you gave a deadline for the Seller to respond. Sometimes a non answer is your answer. If that time has passed, you have the opportunity to move on to the next property.

Stay strong. This market is hard for buyers right now. Communicate with your agent and allow them to work for you. If not then maybe consider another agent.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Sat Jun 30, 2012
Hi Ashley,

Thanks for your post. Unfortunately, I am going to have to agree with my colleagues on this one. If by "holding" you mean "pending" status, and you were not informed that the home was yours, the bank has selected another buyer. Bank of America is actually quite quick in responding to offers these days, so I am quite sure that they would have contacted you if your offer was accepted. However, to get the actual answers to all your questions, contact the agent who submitted your offer and ask for the update on who purchased the home.

Good luck!

Sincerely,
Grace Morioka
Area Pro Realty-Peoples Choice
1 vote Thank Flag Link Sat Jun 30, 2012
I have never heard the term "hold status.". I am assuming that is the same as a "pending" status which would mean there is an accepted offer. If you used an agent, they should be ale to get you the facts.

From experience, BOA can take 1-5 days to get back with you. And if they accepted an offer, they will send that information to all the non-accepted offers via the listing agent.
1 vote Thank Flag Link Sat Jun 30, 2012
Hi Ashley,
The fact that the property is on hold means they have plenty of offers and do not want any more at this time. The banks will usually get back to you in 3-5 business days. Sounds like there is a lot of competition for this property. Have your agent follow up with the listing agent.
Good luck,
1 vote Thank Flag Link Sat Jun 30, 2012
Thank you, Ashley:

I recommend that you contact the REALTOR who made the offer for you. That is your best source of information..

However if the MLS status has been changed to pending sale, and your REALTOR has not heard back from the listing agent, that indicates that the bank selected another offer.
0 votes Thank Flag Link Sat Jun 30, 2012
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