Home Buying in 20170>Question Details

Caleezona, Home Buyer in Los Angeles, CA

How much time does a seller (Bank Owned: BofA) have to repsond to an addendum during escrow?

Asked by Caleezona, Los Angeles, CA Wed Feb 3, 2010

Help the community by answering this question:


With our last 3 transactions with BofA, (bank owned), it's ranged from 3 weeks - 7 weeks.

Amazingly, they want an "immediate" response once their end it done!
1 vote Thank Flag Link Wed Feb 3, 2010
Generally the banks are not held to timelines on a short sale. The banks are dealing with so many short properties that they do not have the skilled staff to handle these transactions quickly.

With bank owned properties - the dealing is a bit easier - but all expectations on "normal" timelines is out the window.

In the DC area - 90 days is the average time just to get an answer on an offer. After acceptance - things generally move more quickly.

Be patient - ask your Realtor for advice - and good luck!

Gerry Dunn
Associate Broker
Weichert Realtors
Potomac, Maryland
1 vote Thank Flag Link Wed Feb 3, 2010
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