Foreclosure in Desoto>Question Details

Williams, Home Buyer in Dallas, TX

I bid on a VA Foreclosure. It has been close to two weeks and no response about the bid. Is this normal?

Asked by Williams, Dallas, TX Tue Mar 4, 2008

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5
Not unusual in my experience. On most foreclosure properties responses are slow. For the buyer it is often one house, for the seller, they may be dealing with 300-400 properties. Good things come to those who wait though.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Tue Mar 4, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Very normal... You can check the OCWEN.com site for the status of the property. As long as it shows available, you know they haven't accepted another one. Or have your agent check on it on there.
0 votes Thank Flag Link Tue Mar 4, 2008
I 100% concur w/ Bruce! That's usually the way it is!
Web Reference: http://www.exposedhomes.com
0 votes Thank Flag Link Tue Mar 4, 2008
Bank foreclosures are extremely different than a owner/seller banks can take up to WHENEVER before you MAY EVEN HEAR back from them... keep in mind they are dealing with properties all over the country.... so you are only a # not a person.... I always explain to my families and investors NEVER COUNT on a bank foreclosure till you see the keys in your hands you have closed. I would recommend to keep looking for other properties... we have a home buyer rebate program where you can earn up to 50% of our sales commission ... visit our website to learn more.... contact our office if we can be of any further assistance.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Mar 4, 2008
I believe 'typical' would be the more correct word. There is no 'normal' when dealing with foreclosures or pre-foreclosures.
Submitting offers on properties in distress (ie: foreclosure) means sometimes you have to wait for what seems like an eternity for a response to get the deal.
I have noticed more and more banks holding the first 10-14 days before looking at offers to generate the best offer.
Check with your agent to ensure there are no problems otherwise just hold tight until you hear back.
Good luck,
Susan Walker
0 votes Thank Flag Link Tue Mar 4, 2008
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