My husband and i are 1st time buyers. He got approved for a VA loan...we submitted an offer about a week ago have not heard of an answer yet! so im wondering...whats really taking so long? And also what are the chances of his loan getting accepted? Thanks in advanced
The legal default on California Association of Realtors (CAR) forms is on the 3rd day after you signed your offer by 5:00pm. This can be made a longer period or shorter it's up to you. In the scenario of banks and the fact that they are backed up with offers it could be as little as 2 days to as much as 2 weeks and sometimes even more. It's up to you to decide how long you will let your offer be valid. Good luck!
Hello Janeth. I work in the City of South Gate and there are many homes in the area for sale, but there are many home buyers. It is not too uncommon for a response to take about 1 week. If it takes longer than that the seller might have taken another offer. If you let me know what property you submitted an offer on, I can look it up for you and tell you if it has been sold or is pending. Also make sure you are working with an agent that knows what he/she is doing and how to submit offers. If you have any questions please feel free to get in touch with me.
Dyanna
323.359.7992
The terms of the contract should indicate how long your offer is "open." If the seller does not respond in that time period, you can consider the offer null and void. Are you being represented by a Realtor? If not, I highly recommend you find someone to represent you and then re-submit the offer if the time period I mentioned above has passed. As a Buyer, having your own representation costs you nothing.
VA Loans should not necessarily cause a Seller any issues as long as you have your pre-approval up front.
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