Home Buying in Erie>Question Details

mmhowe8, Home Buyer in Erie, PA

how long does a bank owned home take to decide on an offer?

Asked by mmhowe8, Erie, PA Wed Aug 29, 2012

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A great question! I have had contracts answered by the bank in a matter of days. I have also submitted contracts that were either never answered, or a response was gotten only after a whole lot of pestering. Depending on the bank, for example a local bank or lender is typically very responsive. A large out of town bank, who may have thousands of properties in their foreclosure portfolio, it may take them a long time. The most important thing is to make sure that you, your agent, and the bank that owns the property maintain open communications through the whole process.
0 votes Thank Flag Link Wed Aug 29, 2012
The initial agent was less than helpful when we looked at a Fannie Mae listing and in fact tried to talk us out. of it. We contacted another local agent to act for us and he also was less than helpful and tried to steer us to other local properties

We then contacted Fannie Mae direct and explained the situation to them. A helpful gentleman there gave us the name of their Reverse Mortgage Management company and a contact name and phone number there. We rang them and obtained some very useful information. Two days later we discovered the property had been re-listed by Fannie Mae with another local agent. We contacted that agent on Sunday, met with him on Monday and he lodged an online offer to Fannie Mae. Within 3 hours of meeting with him he advised that Fannie Mae had accepted the offer and sent him their Addendum.

We hope to close on the property within the month which will have made the whole process from offer to closure, assuming all goes well, less than 2 months.
Flag Mon Nov 5, 2012
Thank you Bob! Well, it is owned by freddie mac, homesteps. So with your response, I shouldnt hold my breath for anything soon? I put in a cash offer, so I just assumed the bank would want to get rid of the property.Ugh. Ok thanks! Melinda
Flag Wed Aug 29, 2012
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