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.
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
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!
RE/MAX Professional Associates
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
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.