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.
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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.
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.