Home Buying in Natalia>Question Details

Mary Ramirez, Home Buyer in Natalia, TX

If we sign a contract for a bank owned house how long do we have to wait for an answer from the realestate agent so we can buy the house?

Asked by Mary Ramirez, Natalia, TX Sun Jan 2, 2011

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There is truly no specific answer to that question. The bank can take as long as it wants. It will depend on how far along the process the lender is already. It could be a relatively quick process or it could take some time. Because the home is already bank owned it will not take as long as a potential short sale. In many cases agents wait to start the process until they get an offer on the home.

Have your agent contact the bank or listing agent for information from the bank and/or listing agent. They should have a good idea of the process and how long things should take.
0 votes Thank Flag Link Wed Jan 5, 2011
Hi Mary,
There is no definite time to get a response from the bank. Each bank has there own time frame but your agent will be able to get that info from the listing agent. Good luck on your home puchase.
Web Reference: http://Judysharma.com
0 votes Thank Flag Link Mon Jan 3, 2011
I am guessing you have signed an offer and waiting for a response from the bank?
This could take as little as one or two days to forever or never.
If your offer was close I would normally expect some type of response within 72hrs.

If your offer was 50% of the list price, you might never get a counter or a response.

Your agent shoud be able to discuss with the other agent what normal response times are.

Good luck.
0 votes Thank Flag Link Mon Jan 3, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Make sure that your Agent stays on top of the bank. It could be 1-4 weeks and possibly more before you get an answer. Make sure that whatever the bank and Agent ask you for, you get to them immediately. It is usually one of those hurry up and wait games. I wish you great luck with your new home.
0 votes Thank Flag Link Sun Jan 2, 2011
Keep your agent on the selling agent. The selling agent is the person on contact with the bank. Good Luck.
0 votes Thank Flag Link Sun Jan 2, 2011
Your buyers agent is person you need be addressing all your concerns to .

Not all banks respond TYPICALLY with our clients OR if we are listing agent we place a disclaimer allow up to 30 - 45 days for response. THAT IS if the bank likes your offer, IF they don't you may never receive a response.

Recommend keep looking and submitting sales offer on other properties. If you are in a hurry to move a short sale and foreclosures can take approx. 60 - 120 days to close.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Jan 2, 2011
What is your agent advising...as to how long it will take really depends on the lender, some are quicker than others, there really are no set time standards...
0 votes Thank Flag Link Sun Jan 2, 2011
There is no cut and dry answer to this. Some banks can respond to an offer within a day or two, sometimes it takes a week or more. For short sales, it can be months. Your agent should be able to find out from the listing agent how long it should take to get an answer. If you don't have a realtor, you absolutely need to hire one. If you need the name of someone please don't hesitate to ask. Good luck!
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Sun Jan 2, 2011
HI Mary, It can sometimes take as long as 2 to 3 weeks depending on the bank and your offer. We've had an answer back in as litle as 5 days.
Be sure to contact your Realtor every couple of days for an update

All the Best

Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Sun Jan 2, 2011
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