Did you provide a deadline for a response time? If the time has passed the deadline alotted, then you are free to look and make an offer on another property. Always keep your options open, but the banks sometimes take up to a week to respond. They usually wait for the highest and best offer. If you are tired of waiting then retract your offer and move on.

Banks don't have to respond therefore if you not had a response offer submitted 3 weeks ago I recommend move on if respond while you are still searching great ! however no response then you did not waste your time.

Hello Eager Home Buyer-- This link will take you to a You Tube video that should give you some insight on what to expect when writing an offer on a bank-owned home.

The most important questions your agent can ask is "How is the bank handling offers?" Each bank and Realtor has their own practice in this matter. Understanding it will help you navigate the murky waters of offering on REOs and enable you to have realistic expectations.

I would move on and look at other homes. You might be letting great opportunities slip by while you wait for the bank to respond (or never do anything at all). And if/when the bank responds and you haven't found anything you can decide what to do then. Good luck!

Unfortunately there is nothing you can do but wait. I recently had a client lose out on a foreclosure property. Our offer was 20k over the accepted offer, but the other offer was all-cash and closed within a week. Bummer.

Increasing your offer won't make the process move any faster. Ask the listing agent how many other offers they have also what the banks turn around time is. Some of the larger banks are taking up to 90 days to just respond!

Good Luck!

Be patient, foreclosures take a long time and do not increase your offer until you get a response.