Home Buying in Brockton>Question Details

Tifmicbro, Home Buyer in Brockton, MA

We've been waiting three weeks to hear back about a REO we put an offer on. The house is owned by Sovreign Bank, and there might be one other

Asked by Tifmicbro, Brockton, MA Tue Nov 2, 2010

offer. I was expecting a wait, but does this seem a little long? Would the bank want to unload this house ASAP? Any experience buying an REO through Soverign bank? What was your experience like?

Help the community by answering this question:


This does seem to be a long time for a bank owned property. Are you working with a buyer's agent?
Is there a title problem perhaps. Sovereign bank's REO's usually do not take that long, a week at the most.
You also should have an attorney to represent you. Perhaps they accepted the other offer and didn't inform you. If you send me the listing id and/or the address, i can look it up on MLS for you.
Web Reference: http://southeastmahomes.com
0 votes Thank Flag Link Mon Nov 22, 2010
Pending Litigation on many foreclosed properties have caused the banks to put the sales of these homes on hold. You should ask the listing agent if your property is affected by his if not than 3 weeks is not an abnormal wait time.
0 votes Thank Flag Link Wed Nov 17, 2010
many times the banks will wait for several offers, then ask for a final and best offer from all.


the selling agent is waiting for someone from her company to make an offer


the listing agent is waiting for someone to place the offer with the loan officer she is getting a kickback from

or all of the above
0 votes Thank Flag Link Tue Nov 16, 2010
Hi Tifmicbro,

I'm sorry to hear that you are in the waiting game! It's not at all uncommon and if they accept the other offer then you might never hear back.

I hope you are working with a buyer's agent and didn't put much down as a EMD with the offer.

Please keep us updated!


Amy Mullen
RE/MAX Professional Associates
0 votes Thank Flag Link Tue Nov 2, 2010
REO managers can have up to 5000 properties this home IS ONLY MERE number to them most time it can take 45 - 60 days have any response back on a bank foreclosure. If you don't have time wait push on locate a home does not require bank approval.

Just because you submitted an offer does not mean it would be accepted AND you may never hear back from the bank

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Nov 2, 2010
Often times getting a response can take upwards of 12 weeks. I often describe it as a wait , wait , wait and then RUSH to do things on their timeline scenario.
The reason that many bank owned properties seem like they are low priced is due to the circumstances involved in the transaction.
There are many happy home owners who purchased bank owned homes but rarely is it an easy process.
There are many variables that make it more of a lengthy process than a traditional purchase.

Often times buyers will wait for response and continue to search in case the response isn't favorable, never comes or just plain takes too long.

Your agent should be able to outline the situation for you and advise you about an expected timeline.

In my experience Sovereign is one of the more easy to work with lenders.

Best of luck.
Web Reference: http://www.route495.com
0 votes Thank Flag Link Tue Nov 2, 2010
unfortunately it does not seem abnormally long. Sometimes it can take months. The banks are completely backed up and a lot of them are facing huge lawsuits so new requirements for the reo process are being implemented, all of which I am sure is slowing the process down even further. These purchases are not for the faint of heart. Often you will wait months to find out the purchase wont happen. Set your expectations and read up on the news.

Web Reference: http://territoryre.com
0 votes Thank Flag Link Tue Nov 2, 2010
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