Home Buying in Oregon>Question Details

Matt Sundstr…, Home Buyer in Portland, OR

How long should I wait to hear back on an offer for an REO property? Today was the deadline and I did not hear anything.

Asked by Matt Sundstrom, Portland, OR Tue Jun 15, 2010

I checked with the listing agent, and they hadn't heard anything either. I like the house and am wondering if I should grant an extension, or if that will weaken my position for any negotiation that may go on later.

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10
Hi Joeseph - I list lots of REO's here in the Portland area and while most of my banks respond within 48 hours or less (record response was in 5 minutes!)...there are some that take awhile - especially on Fannie Mae or Freddie Mac properties. I do have one hot REO listing that's taking awhile to get answers on though...I've a tenant in the property and we are negotiating a relocation package to get her moved. This puts the house back in eviction status. I have 4 offers that are on hold pending the resolution with the tenant. There are many things that can cause some occasional delays.

Just keep checking back with your agent (or the listing agent if you are working with them directly) every few days. I would recommend that contact be by email as much as possible. As an REO listing agent - I'm usually buried in paperwork or on calls with my asset managers and banks. I can shoot off a quick response to an email while I'm on the phone or in the middle of something so you'll get an update a little faster.

Best of luck on getting a favorable response to your offer!

Kelly Gebler, Principal Broker
Keller Williams Realty
1 vote Thank Flag Link Tue Jun 15, 2010
Three to seven days. Call the listing agent often and make sure your checking MLS. It's bad if the client finds out before you.
1 vote Thank Flag Link Tue Jun 15, 2010
I would hold off and wait for a response, bug the listing agent every few days.
1 vote Thank Flag Link Tue Jun 15, 2010
Typically will take two to five business days depending on the owner.
1 vote Thank Flag Link Tue Jun 15, 2010
Truthfully, you may never hear anything. You have two choices. Extend the offer period or move on to the next property. When dealing with foreclosures you have little to no position with the bank. Sorry...dealing with the banks take the fun out of being a buyer.
1 vote Thank Flag Link Tue Jun 15, 2010
REO have their own schedule. Patience is a virtue. I have had them take up to 2 weeks.
0 votes Thank Flag Link Wed Jun 16, 2010
As long as the listing agent is handling the offer and has yet to hear - you should stay where you are. If you really like the home. REO's are banks in general and they are slammed with foreclosures and short sales. Unless there is another home out there you are just dieing to have - I would wait. I hope you get the home you really want!
0 votes Thank Flag Link Wed Jun 16, 2010
After a few days, I would move on. I wouldnt be surprised if the bank accepted another offer.
After the bank accepts, they forward their addendums to the buyer. Some agents wait until the addendums are signed before they mark it pending.

Keep looking. There will be others :)
0 votes Thank Flag Link Tue Jun 15, 2010
Thanks you all for your feedback!
0 votes Thank Flag Link Tue Jun 15, 2010
This is a vacant, completely lender owned property not short-sale or foreclosure. We gave them two business days on the offer, maybe we should extend it through the week though. It's tough to guess what's going on when the listing agent doesn't know.
0 votes Thank Flag Link Tue Jun 15, 2010
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