Home Buying in Albuquerque>Question Details

pattrujillo7…, Home Buyer in Los Lunas, NM

What does it mean when the bank lets the bid expire?

Asked by pattrujillo798, Los Lunas, NM Sun Mar 24, 2013

Ok you make bid on house and you don't hear nothing bank

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Answers

4
Good Morning Pat,

If you're referring to an offer submitted where you set an expiration for that that offer, it may not mean much at all that it expired. When it comes to offers submitted with a private owner, the dates in the contract, including the expiration, are crucial.

However, dates in a purchase offer when submitted to a bank, mean virtually nothing. This is because with banks, the home is merely one of thousands of properties that this particular bank is handling within a particular region or nationwide. They basically get bak to you at their leisure.

Can you provide more details on your situation?

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Mon Mar 25, 2013
Where did you make the bid? Online or thru a Realtor? There are many reasons why. One could be that the bank has not received what they consider a good bid and are still waiting for higher bids. It could mean that they are reviewing all the bids. They could have awarded the purchase to someone else. They do not respond to the people that lost the bid. Without talking or following up with the bid, it is hard to say.

A Short sale is a different situation...

Lovey Frazier
0 votes Thank Flag Link Mon Mar 25, 2013
The answer to your question depends on the facts and circumstances of the situation. Did a bank let your bid expire? If so, what is the property address? Was the bid submitted by a broker or non-broker? There are many different possible answers to your question and each depends on your exact facts. Please feel free to share them and get an answer that matches your question.
0 votes Thank Flag Link Mon Mar 25, 2013
HI Pat,
The bank generally has a "dated" bid period where they allow all bids to come in from "owner -occupancy buyers" first. They use that 3 weeks or so to collect and review all of those bids. If they are not happy with any of them, they won't select one and they will extend the time frame for accepting bids. If yours expired and the property is still listed, that could be exactly what happened. They don't take the highest bidder. They weigh it all out, the type of loan, whether it's cash, and any other factor that the buyer might be asking for. You can always bid again.

Best regards,
Mary Padilla
YES! Realty
http://www.trulia.com/profile/httpYesRealtyNewMexicocom/reco…
0 votes Thank Flag Link Sun Mar 24, 2013
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