Home Buying in New Jersey>Question Details

Sillybeans, Other/Just Looking in New Jersey

Placing offer on bank owned home thats been sitting forever - how long does it take to hear back?

Asked by Sillybeans, New Jersey Tue Dec 9, 2008

This is a bank owned home, sitting for over a year, needs tons of work, freddie mac owns it... we placed an offer for 30G less than asking yesterday and they have dropped the price by about 50G in the last year...how long should it take to hear something?? I would think they are pretty motivated to unload this thing!

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That is a great myth what a bank would or would not do when offers are submitted and wanting to unload a property. I would safely assume that during the past year other offers have been submitted. Bank is has pic's, appraisal regarding property do know what value is. If your offer is acceptable you hear back fairly quickly if not bank may never respond. I have been listing/buyers agent regarding foreclosures I would recommend for all buyers keep looking till you have a response from any offer submitted.
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1 vote Thank Flag Link Tue Dec 9, 2008
Sillybeans -

Bank owned properties can be frustrating.. keep on your Realtor!

There is no set time frame to get an answer.. could be 1 day.. could be 2 weeks. The main thing is to be patient, caontact your realtor and have the person place a daily call to the bank or the listing Realtor.

The Banks do want to sell the properties, but it is not a one man situation.. there are procedures in place by the bank to get offers reviewed and accepted. hang in there.
1 vote Thank Flag Link Tue Dec 9, 2008
Well.... it is funny how they show their motivation! Read the posts below which will probably help you....
0 votes Thank Flag Link Tue Dec 9, 2008
Be sure you offer is submitted with all the appropriate information, like a preliminary HUD 1 statement and proof of funds or mortgage. I hope included in your contract, not offer to purchase, you included a time fame for response.

The contract should also include, in the additonal contractual provisions section, a statement the home is sold as is and that all provisions are subject to approval or revision by the mortgagee (bank).

Good luck!

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Tue Dec 9, 2008
It depends, when you say bank owned, that means the bank has taken possession and has tile which it normally should work in the same way any contract would,
BUT if the tile is still in the owners name, you may be working on a "short sale".. If so, then be prepared to wait for the acceptance for 4 to 6 months. my last short sale took 7 months, but the wait was well worth it. My sellers are happy and the buyer is thrilled.
if you want to call me, I will be more than happy to explain it. if you do have an agent, Then she/he should be able to..



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0 votes Thank Flag Link Tue Dec 9, 2008
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