Home Buying in Whittier>Question Details

Rose, Home Buyer in Whittier

I just made an offer to a foreclosed condo.how long should I wait for the banks answer?

Asked by Rose, Whittier Thu Jun 7, 2012

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Assuming that you are talking about an REO, (not a Shortsale, which a lot of people confuse), you should be looking at 3-4 weeks; possibly less.

But, what does your Realtor say?
Do you not believe them?
Were there multiple offers?

If you are in multiple offers, and you made a low-ball offer, you probably will never hear a word.
1 vote Thank Flag Link Thu Jun 7, 2012
is it easy to purchase a home with VA?? Fiance is a veteran and we are interested in utilizing this loan option.
0 votes Thank Flag Link Tue Nov 6, 2012
Is the condo and REO or is it in the Foreclosure process? Would love to give you a direct answer, in this case it does depend. Let me know, my specialty is Foreclosure...and I will give you insight.
0 votes Thank Flag Link Wed Jun 13, 2012
Hi there Rose. What did your agent say? Most good REO (bank owned) agents will get a response back to you within 3 days. However if it's a Freddie Mac or Fannie Mae and your offer is not "owner occupied" the requirements are the owner occupants have first crack for the first few weeks.

Your agent is key in communicating with the listing agent. Most busy REIO agents now only communicate via email, unless you have the winning bid.

You MUST go in with all of your documentation complete or your offer will A)most probably not be submitted, and B) it's not the listing agent's responsibility to remind your agent of what is needed.Don't low ball the bank if it's listed well...those days are OVER my friend! Be ready to rock.
0 votes Thank Flag Link Sat Jun 9, 2012
In my experience, it can take up to 2 weeks!
0 votes Thank Flag Link Thu Jun 7, 2012
I agree with Ron Thomas, will add this, the last thing you want to do is rush the lender that is cleaning up a train wreck. You want them to be thorough.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Jun 7, 2012
Hello Rose,
Your Realtor needs to call the listing agent on a regular basis. In dealing with a home that has been forelcosed the bank has so many homes and offers to monitor. It can be as fast as 5 days or as long as2 weeks to receive an approval of an offer. Remeber that banks are overwhelmed with many files. Stay in touch with your Realtor, they are working for you.
0 votes Thank Flag Link Thu Jun 7, 2012
For a REO it is a few business days. For a short sale it could be a few months.
Good luck,
0 votes Thank Flag Link Thu Jun 7, 2012
The listing agent should provide you with this answer very quickly if your offer is being submitted to the bank. challenge your agent to get this information for you.
Is your offer more, less or equal to the listing price?
I assume you are talking about an REO listing.
0 votes Thank Flag Link Thu Jun 7, 2012
Hello Rose,

How long you might be waiting for a response will have alot to do with your agents follow-up with the listing agent (the agent who represents the seller). It has been my expirience that most agents will generally submit offers to the seller in a few days after receiving them, so you might be only waiting 1 to 2 weeks. Now, if there are several offers and your agent is not following with his counterpart or your offer was way to low, you might never get a response.

If you do not feel that you can trust your agent to give you fair and reasonable information and communication, you might need to look for an agent that you feel more comfortable with.
0 votes Thank Flag Link Thu Jun 7, 2012
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