Why does it take so long for the bank to review our offer on a house?
We just made an offer on a bank-owned foreclosure property that's listed for $39k. An offer for that price was already in, and we offered $40k. The realtor says we'll know something within 7-10 business days. What are the chances that we'll get to respond to a higher bid and increase ours? Also, why does it take so long for the bank to decide?
The banks have lots of these foreclosed properties and most cases they are behind with their case load. Most of the time there are more than one person that will make a decision on your offer that is the reason why it is taking longer. You will think that they will have a better procedure that they will closed these properties sooner and off their books but it is making most buyers frustrated with their process.
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