Foreclosure in Cleveland>Question Details

Nikkia Beal, Home Buyer in Cleveland, OH

How long does it take to get a response back from the bank when bidding on foreclosed property?

Asked by Nikkia Beal, Cleveland, OH Fri Oct 17, 2008

My fiancé and I have been trying to buy a home before we get married May 16, 2009, but that just don’t seem to be a reality anymore. We have bided on several properties to live in and potent rental properties that would be selling for a little of nothing, but for some reason we just can't get a response from the bank. I am beginning to think that our agent is not submitting our bids. This is very discouraging; especially when it seems like everyone else is not have a problem snatching them up! PLEASE HELP WE NEED A HOME

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Hi Nikkia,
Every bank works their own way!
The foreclosed homes and short sales do take longer than a standard transaction.
You sound pretty discouraged about what is going on.
You & your fiance are really looking a very wonderful time to become a home owner. Sellers are very anxious and more realistic than ever when it comes to selling.
REGARDLESS OF WHAT THE NEWS TELLS YOU--QUALIFIED BORROWERS CAN GET MORTGAGES AT COMPETIVE RATES!
As a local realtor, I know the Cleveland market & have helped buyers find unbelievable buys all across the area from Shaker Hts. to Euclid to South Russell to Mantua.
Key step-work with a quality, local lender who will be there when you need him.
If you would like, I can refer you to a couple of lenders that I have worked with and have a great deal of confidence in.
You can call me at 440-487-2193 or e-mail me at jwirsing@kw.com if you prefer.
Let me know if I can help.
0 votes Thank Flag Link Fri Oct 17, 2008
Sounds like you are talking about a Short Sale vs. Bank owned (also known as REO or Foreclosed Homes). If a home has already gone through the foreclosure process the response time to your offer should be reasonable (2 weeks or less). You may not like the response which can included a list of conditions or even a counter offer.

Short Sale- Properties that MAY be in the foreclosure process are a completely different animal and the response time will range from 2 weeks to 8 months maybe longer. Working with the right agent can help you find a property that is REO vs. Short, or at least the best Short Sale Lenders, and Agents who will respond in a timely manner.
0 votes Thank Flag Link Fri Oct 17, 2008
Hello Nikkia. Many foreclosure properties receive multiple offers these days and the banks don't respond to all offers, only the best offers. I can understand your frustration, but thinking that your agent will go through the trouble of writing up offers for you and not submit them to the listing agent does not really make sense. Believe me, it is very frustrating for buyer's agents when they can't get an answer to the offers they write for their clients. I would recommend that you ask your agent to check with the listing agent to see if there are any other offers on the table and whether they are all cash or loan contingent offers. Write up your highest and best offer and submit it to the listing agent. The banks will pick the offer that will net them the most money and they will most likely close. An all cash offer will many times trump a loan contingent offer as there are not lender issues such as appraisals and so forth.

Don't despair. Patience is one of the main ingredients. You have to write up strong offers and give the bank a reason to pick your offer. Most banks will respond fairly quickly to a good offer. They want to dispose of their properties. Good luck to you.
0 votes Thank Flag Link Fri Oct 17, 2008
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
Some banks are better than others, most of the banks i sell homes for i get answers the same day and others it is usually within 24 hours. You should get a new agent if you have these feelings. The most important thing you can do to assist your offer in getting accepted is to note that terms are just as important as price. Include a pre approval letter or a letter of proof of funds with your offer, dont ask the bank to do anything, dont make any changes to teh bank addendums, dont put in any conmtingincies, put down a healty deposit and be ready to close in 30 days. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Oct 17, 2008
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