Me
Yes, in a foreclosure it could take a long time. There may be other issues, such as a bankruptcy, that could drag it out.

Me,

Absolutely......

The primary reason for this happening in today's real estate market is "short sale." activity which can require additioanl time. Up to 4 to 6 months of waiting for buyers in this market area.

Hello Me and thanks for your question from Firebaugh!

Unfortunately, it is not uncommon at all for a home to take longer to purchase when it is a short-sale or foreclosure property. Short sales, for example, are notoriously slow to approve and many buyers simply give up after waiting three or four months for the sale to finally get the 'green light" from the bank. Similarly, REO purchases can also have exceptionally long waiting periods especially if the bank is reviewing several offers or reviewing a possible price change for a home. In one of my recent transactions for an REO property, the entire deal took almost 100 days to complete from offer presentation through close of escrow, so while the purchase of an REO property can be faster than that of a short sale, both do require the buyers to be more patient than in a sale involving a private owner.

Since the listing agent is not accepting any offers at this time, it is likely that there were many offers on the property, and the bank negotiator is simply looking for the best buyer before forming a sales contract OR the bank and the buyer are working out issues pertaining to the property that need more time to resolve. Either way, it appears as if your chances of purchasing this property have passed, and your time may be better spent looking at other homes.

I wish you good luck and happy house hunting!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty

Yes, especially with foreclosures and short sales. Many times an offer will be accepted but is waiting for lender approval. These are taking longer than a regular house sale because the banks are backed up and don't have the manpower to process them. If the listing agent is not accepting any more offers, then they may very well have several back up offers already. Distressed properties can take upto 6 months from start to finish.