Foreclosure in Lapeer>Question Details

Kim, Home Buyer in Lapeer, MI

how long does it take to hear from the bank after submitting an offer on an reo(bank owned) in michigan?

Asked by Kim, Lapeer, MI Sat Jan 24, 2009

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It really depends on the bank. Some banks are quicker than others. Unfortunately, as Maureen stated you won't hear anything over the weekend and this allows for other buyers to submit offers. I hate when this happens and agonize along with my buyers.

Begin to strategize what is your "highest and best" offer just in case you have (a) competing bid(s) as banks will continue to consider offers until one has been accepted. Usually, when there is more than one bid, they ask for the "highest and best" bid from all buyers. I know, this stinks, but I want you to be prepared in case this happens. Hopefully, it won't. Good luck with buying your new home.
Web Reference: http://MIHomeSeller.com
0 votes Thank Flag Link Sat Jan 24, 2009
The listing agent should be able to give your agent some kind of indication of what to expect. You usually will not hear anything over the weekend though.
0 votes Thank Flag Link Sat Jan 24, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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We actually bid 5k over the asking price of the house four days ago. Should we expect weeks or sooner?
0 votes Thank Flag Link Sat Jan 24, 2009
It varies from bank to bank. It can be quite fast (same day) or it can drag out. If your offer is close to asking it is typically faster.
Web Reference: http://miBirmingham.com
0 votes Thank Flag Link Sat Jan 24, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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