Home Buying in Arizona>Question Details

Paramed, Home Buyer in Surprise, AZ

Is there an "average" response time with Fannie Mae on foreclosure offers?

Asked by Paramed, Surprise, AZ Mon Mar 26, 2012

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H Paramed:

No, there is no "average" for foreclosures, but, unlike short sales which can take months, the response time for a foreclosed property is usually within a week. Fannie Mae already owns the property, the former owner is gone and has no say in the process, etc., so it should almost be as if you were dealing with a "regular seller" (remember those, individuals who actually sold their homes by themselves??? :( )
0 votes Thank Flag Link Tue Mar 27, 2012
It depends on the property and the situation surrounding it. I have seen a situation where it took over a week to get a response back
0 votes Thank Flag Link Mon Mar 26, 2012
Generally speaking two to three business days; I've seen responses as quickly as next day but it usually takes a little longer.
0 votes Thank Flag Link Mon Mar 26, 2012
Wow. That's good to hear. Thank you so much!
Flag Mon Mar 26, 2012
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