Question Details

Sc, Home Buyer in Porterville, CA

how long does it take a bank to come back on an offer thay made on a forclosed home? i mad an offer thay

Asked by Sc, Porterville, CA Fri May 8, 2009

came back with an offer i signed the papers of the offer thay had drawen up in a contract, then in turn my agent submeted papers back to the bank to sign saying basic the same things there paper did. its been a week and the bank has not signed off on the papers we sent them yet.

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It can take a few weeks depending on the work volumn of the asset manager has. I have had escrows where I didn't get the signed paperwork back until 3 days before closing.

Talk with your Realtor and find out if escrow has been opened, and also if your good faith has been deposited; if it has then you are in escrow and you don't want to cut into your contingency period waiting for a contract since the banks are hesitant to give extentions, and often when they do it comes with a per diem.

You agent can call over to the title company and to the transaction coordinator (most REO listing agents use one of those) and put the pressure on to get the signed contract back.
1 vote Thank Flag Link Fri May 8, 2009
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