Home Buying in Stockton>Question Details

Bethanne95376, Home Buyer in Stockton, CA

We recently bid on a house. We offered cash for the listing price. The bank came back yesterday and asked for

Asked by Bethanne95376, Stockton, CA Wed Apr 15, 2009

our highest and best offer. That was our highest and best offer! We already went over $5,000 then what we were looking to spend. I was hoping to hear back today wether we got the house or not. I would rather hear a rejection then nothing at all. Since they were so fast to come back with a highest and best counter offer I was thinking they we would hear something today. What can I expect now? How long can before I hear something back? Granted, we submitted our bid on Monday and it is now only Wednesday. (I'm very impatient. Or so my husband tells me.) I only know of one other offer on the table and although they bid only $2,000 more over the listing price they have a conventional loan. I thought they would take our cash offer and run with it!

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Bethanne, your experience sounds very typical of an REO purchase. It sounds like you are working with a buyer's agent there in Stockton - which is great - and all the questions about what to expect next could be answered by her - as she should be in communication with the listing agent by their preferred method - likely by email - at least you may only be competing with one other offering party. You will hear in time. Different asset managers operate on way different timetables. I've heard back in one day in some cases - and in a week in others. With these REO properties, the buyer's mindset has to be one of patience and detachment - truly you cannot get attached to a particular house or to any tradtional expectation about how the process will play out. Perseverence, patience, strong communication with and availability to your agent - and of course an all cash offer - will be your allies here. Best of luck to you -
1 vote Thank Flag Link Wed Apr 15, 2009
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