Jennifer, Home Buyer in Wayne County, OH

put a cash offer in on a bank owned home for the asking price how long for an answer and does it matter that we put a response time frame

Asked by Jennifer, Wayne County, OH Thu Mar 3, 2011

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8
John Kiefaber’s answer
Jennifer,
On bank foreclosed or REO properties, much depends on the Realtor. I have received responses back the same day, but usually within a day or 2. Short sales, are a different story. My buyer & I made an offer on Sunday, the bank countered on Monday, we countered back, bank accepted the same day. The listing agent and the asset manager for the bank were great inputting the info to the bank. My advise is to use an experienced Realtor dealing with REO properties.
1 vote Thank Flag Link Thu Mar 3, 2011
Basically Jennifer, the bureuacracy involved with a bank foreclosure can be a bit challenging. When making an offer you should always provide a response time in order to protect yourself and prevent an open ended contract. Some banks are faster then others, however, you and your Realtor should allow enough time, 2-3 weeks in most cases, for a response. In the case of a HUD home in Ohio, no response after 24 business hours is considered a rejection and you need to resubmit.
1 vote Thank Flag Link Thu Mar 3, 2011
Jennifer
Unfortunately, you are dealing with an institution rather than an individual that you could meet and communicate with face to face. The bank will take as long as it wants to, to go through their bureaucratic process. Good Luck.
1 vote Thank Flag Link Thu Mar 3, 2011
I thought that banks now had to give an answer to a short sale with in 90 days as of June the 1st of 2012.
0 votes Thank Flag Link Tue Jul 31, 2012
I've found that it depends on which bank is involved. With a short sale, it could take months before you hear back. Putting a time frame in your offer has little or no effect. Keep in mind that you can retract your offer at any time before there's a signed contract.
0 votes Thank Flag Link Thu Mar 3, 2011
Generally, Banks ignore your response date and time, assuming they are in the driver's seat. Usually they respond within a few days of a good offer, especially if the house has been on the market for a while.

Best,
Ron
0 votes Thank Flag Link Thu Mar 3, 2011
You can expect an answer relatively quickly on bank owned propery except when it is also a short sale.
Adding a response time has little or no effect on the bank's response time frame.
I wish you smooth sailing.
Nancy Sargent
0 votes Thank Flag Link Thu Mar 3, 2011
Previous answers are right on point! THere is no time table with the beauracracy of a Short Sale. If the home is worth it to you be patient and "put on your seat belt". It may be a bumpy ride!!
0 votes Thank Flag Link Thu Mar 3, 2011
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