Home Buying in 30044>Question Details

Dede, Home Buyer in 30044

how long the bank take to give answer about my offer?

Asked by Dede, 30044 Thu Feb 24, 2011

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8
Dede,

Please help us out by updating and qualifying your question... -There simply is not enough info. in your ques. to do anything but Blindly throw out possible answers for possible scenarios...

Thanx!
1 vote Thank Flag Link Fri Feb 25, 2011
It depends on certain factors, which may be related to the Listing Agent, or the Bank. Here are the questions you must ask. Did your Agent follow the offer instructions provided by the bank? Are you buying the property as your primary residence? Has the property been marketed for 7 days? Is your offer reasonable, and what kind of financing are you using? Is it a Multiple Offer Situation? If a bank has offer instructions and your offer doesn't comply, it will not be submitted. Most banks require an offer to be listed for at least 3-7 Days before Owner Occupant Offers will be submitted. If you are buying a home non-owner occupied some banks have a rule that the property must be marketed for 14 days, in order to give Owner Occupants a chance to purchase. If you wrote an offer that is greater than 10% below list, your offer may be ignored. If there are Multiple Offers sometimes Agents will counter the offer they like, but delay rejection to the other offers, just in case they have to go to the next best offer. Now my last statement is unfortunate, but does exist. Many REO Listing Agents and Asset Managers want Cash, or Conventional Financing. If your offer is FHA, or VA there is a chance the Listing Agent, and or Asset Manager may sit on the offer hoping to get a Cash, or Conventional Offer, and if no Cash, or Conventional Offers are submitted, then they may choose the FHA, or VA offer. Typically Banks Reply back within 2-3 Days from submission.
1 vote Thank Flag Link Thu Feb 24, 2011
Hi Dede,

All answers below have valuable information about the time frames. I just want to add that if you are dealing with the listing agent who handles this foreclosure, that agent typically knows how long does it take their clients (banks) to respond. I have seen them responding in 2 business days.
Hopefully, you have submitted your offer accrding to that agency instructions, including the proof of funds or loan pre-approval letter.
Good luck!
0 votes Thank Flag Link Fri Feb 25, 2011
Based on your question, we can assume that you are talking about a "bank owned" property?? As many of the other responses have shown, when dealing with bank owned properties, it can really depend. In "most" cases, when a bank owns a property, the bank employes what they call an Asset Management Company (consider them the middle man between you and the bank) and also employes the services or a local Real Estate Agent to list/sell that specific property, otherwise the bank directly employes and assigns that property to a local Real Estate Agent. If you are dealing direct with the bank, typically it can take anywhere between 5-7 "business/working" days or within that same time frame after the "bid period" has expired. If there is a bid period, then in a nut shell, they will accept all offers up to the deadline of that bid period (collecting as many offers as they can). If you are dealing with an Asset Management Company it's probably going to be the same, and if you are dealing with a short sale property ..... then sit back, relax and enjoy the ride because it may take a while. All of this is typical because in "some" cases, you are submitting that offer on the BANKS FORMS/CONTRACTS so they in essence are dealing within their "own world" at that point. In closing, there isn't a customary time frame to give an answer on bank owned property unless of course it's written within the contract itself.
0 votes Thank Flag Link Fri Feb 25, 2011
Hi Dede;
If we're talking about a foreclosure - usually 3-5 business days.
If we're talking about a short sale - figure 3-6 months....if at all
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Feb 25, 2011
Dede,

If your offer is with the HUD home store it can take 2 weeks in Metro Atlanta.
With bank owned forclosure it could take about 7 days average.

With a short sale...god only knowes that answer. S L O W !

I hope you have a good real estate agent helping you!

Isabel Elsesser, Realtor serving all Gwinnett County.
0 votes Thank Flag Link Fri Feb 25, 2011
Great answer, Adrian. Thumbs up! All we may add is that if you bid on a HUD home, Dede, you should hear the day after the bid deadline closes. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
0 votes Thank Flag Link Fri Feb 25, 2011
Hi Dede

If it is a foreclosed property it will take about three to four days.


If it is a short sale, it can take a while, as there maybe one or two lenders.

Congrats on writing an offer and good luck.
Enjoy your home.

Ruth

http://Www.ruthandperry.com
0 votes Thank Flag Link Thu Feb 24, 2011
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