this is for Little Hercules and the rest of you. I was under the impression that once an offer(s) are made and presented on a REO, the process of the bank approving the short sale and ten accepting/rejecting OR even counter-offering can take up to 4 months because of the volume of REO's the banks have and their lack of enough employees to handle that volume.

If this Is this the case for Hercules (bank had not even signed his contract) and it is not in the hands of his attorney yet, is that time frame correct?

Agree David,

If he has been bidding for 2 months? Or has he been undercontract for 2 months? Does stop accepting offers mean that they signed a contract?
That would be an important answer. I would think if he is undercontract and out of attny review both buyer and seller would be bound by whats in the contract.

It is not uncommon to submit an offer and not hear anything back as far as acceptance for 5 to 10 business days. This will vary depending on which lender/servicing company/reo department is involved.

Hi

Are you out of attorney review yet? The process can and will take a while but I fail to see how they can open bidding up again if yours has been accepted and you are out of attorney review. If it hasn't been accepted or isn't out of attorney review-then that's another story.
Be Well

Oh, I just re-read that, only two months? You are only in the infant stages of the transaction!

This is what you hear about all the time and you hear from Realtors and banks a like. You need to be patient and not get crazy. When you make an offer on this typew of property, you should have been told that this is a legnthy process and if you did your due diligence you would know it is a legnthy process that needs to run its course.

Hi Herc -

Yes, they can. But, there must be some circumstances that are not mentioned here to further the situation.
I understand that banks are busy, busy crazy busy with short sales and foreclosures and just gettting a rep to answer a question takes 7 days. But this is the process and if they accepted your offer, then it should be good. You have to wait it out.

Good Luck