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Maitreyee, Both Buyer and Seller in Northwest Suburb

How long does it take for the Bank to respond back to the buyer's agent on whether or not they will accept the offer/contract on a foreclosed?

Asked by Maitreyee, Northwest Suburb Wed Apr 13, 2011

property

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9
Hopefully they have responded by now, since the question was asked in April....If not, then time to move on to another property.
0 votes Thank Flag Link Wed Jul 11, 2012
Every Bank is different and has different timelines just as each seller of real estate does. Try to be patient and give them time to do their work. Usually it can take weeks or months. Hope this helps!
Sharon Harding
Re/Max Destiny
847-605-8455
sharonharding@remax.net
sharding.illinoisproperty.com
0 votes Thank Flag Link Wed Jul 11, 2012
I agree that it does vary, however every foreclosure I've been involved in has had a response from the lender within 24 hrs and up to 5 business days. I've never experienced a foreclosure taking longer than 5 business days.

That's the first thing I ask the listing agent when preparing to write an offer on a foreclosure! "How long is this organization taking to respond?" Your agent should be asking that, too.

If I can be of further assistance please do not hesitate to contact me. 630-291-4700
Janet Baier
RE/MAX Destiny
0 votes Thank Flag Link Wed Apr 13, 2011
I sell a lot of foreclosures and it has varied from within hours, to a week. After that, negotiations may take place for hours or a month. Each property can be different, as it is with a private and non bank owned property.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Wed Apr 13, 2011
I'm not sure that's entirely accurate, Peter. I've never heard of that law. I believe you're thinking of the new(er) law where the buyer's agent has to disclose if he/she represents more than one buyer making offers on the same property.

However, the seller's agent will usually disclose a multiple offer situation anyways since he/she is representing the seller and will try his/her best to get a bidding war going. And most selling banks will require this disclosure.
0 votes Thank Flag Link Wed Apr 13, 2011
Depends on the bank unfortunately. Some are very fast others take forever. Each transaction is different with no set pattern. I'm sure that your buyers agent is just as eager to hear from them as you are! You also didn't mention Short Sale or Foreclosure? Different animals all together.
Web Reference: http://www.LynSims.net
0 votes Thank Flag Link Wed Apr 13, 2011
It depends on several factors, here we go:
1.many banks won't accept offers from investors making the property open to owner occupants for the 1st week to 10 days, making an investor wait
2.It could take any where from 24 to 48 hours if you are working with a reputable REO agent on the other end, thats really normal
3. If it much later than that and they have not disclosed the fact that owner occupants go first then the REO agents are idiots who shouldn't be selling these properties and many times playing games behind the scences, unfortunate but true!!
Work with an experienced foreclosure expert if you can, we now what we are doing.
0 votes Thank Flag Link Wed Apr 13, 2011
Listing agent for the bank has legal obligation to inform you if there is another offer submitted on the same property as you sent your offer on. In 80% of cases I witnessed, response time was no more than 72 hours.
0 votes Thank Flag Link Wed Apr 13, 2011
Depends on the bank, the property, and your offer. But in the simplest terms, usually 2-3 business days. If you are waiting a week or longer, and you have no answer either way yet, you may want to have your agent check with the listing agent that the offer has been submitted to the bank. However, it may also be the case that the bank is negotiating another offer with someone else.
0 votes Thank Flag Link Wed Apr 13, 2011
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