Foreclosure in Lansing>Question Details

Randy, Home Buyer in Lansing, MI

Foreclosures, we offered $8000 less on a $130,000 house and have not heard back yet. How long do banks take?

Asked by Randy, Lansing, MI Tue Mar 3, 2009

on accepting foreclosure offers

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Answers

7
Randy, what was the reason the offer was held so long?
0 votes Thank Flag Link Fri Mar 6, 2009
Found out the listing agent never submitted and did today after a week of having the offer
0 votes Thank Flag Link Thu Mar 5, 2009
Randy,

Maureen is correct ... it can take a LONG time. Over a week is not uncommon, for sure. I sell quite a few bank-owneds and there is one thing you can count on, always ... THEIR RULES, THEIR TIMELINES.

Good luck! Hope it works out for you...


Derek Bauer, Associate Broker / Realtor
Real Estate One
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Wed Mar 4, 2009
It really depends on the bank and other factors. There are no rules. I have had banks take a long time. They would hold an offer, waiting to see if something better came along. Generally, if you are close to the number they have preauthorized you will get an acceptance quickly. I am guessing that your offer is not within the range they preauthorized.
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Wed Mar 4, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
yeah there was no offers and it was on the market for 6 weeks so we thought this would not be the answer,,,
0 votes Thank Flag Link Tue Mar 3, 2009
Randy, the short answer to this question is "when they feel like it". Each bank I have worked with is a bit different. Some respond promptly and others do not. They may be waiting for more offers to come in so they can be in a multiple offer situation. It is hard to say but I would suggest having your buyers agent check with the listing agent to see when an answer can be expected. Good luck!
0 votes Thank Flag Link Tue Mar 3, 2009
Hi Randy ... typically you hear something within 48 hours. But, I know some agents give them 5 days to 2 weeks. I've never had it take more than 48 hours. How long as it been? Feel free to email me privately for a more in depth dicussion.

Best of luck,
Lisa Bender
Keller Williams
LisaBender@kw.com
0 votes Thank Flag Link Tue Mar 3, 2009
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