Property Q&A in Elmhurst>Question Details

Adam, Home Buyer in Chicago, IL

What is a reasonable time for bank to respond to my offer. I would think a week is ample time.

Asked by Adam, Chicago, IL Tue Apr 7, 2009

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This question is about this property: http://www.trulia.com/property/1066638374-262-S-Monterey-Ave…

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The bank can really take any amount of time it wants. It could be 3 days to 3 months (or more!) Generally it shouldn't take more than a couple weeks. Anything under a week or two is a pretty quick turnaround time from my experience.

There's probably a number of approvals needed internally at the bank, so you need to give it some time and be patient when making an offer on a short sale or for a bank-owned home such as this one.
0 votes Thank Flag Link Tue Apr 7, 2009
Adam,
With a bank as the seller, consider this the "wild, wild west of real estate". There are no rules. The banks are over worked and under staffed and only work business hours, unlike family owned properties.

Be prepared with patience and tenacity. Go to my blog where I have posted several articles on foreclosures and short sales to get an idea of what you are in for. Under "Catagories" look for "Foreclosures".

Nanette Bauer
RE/MAX Suburban
630-901-1776
http://www.NanBauerBlog.com
Web Reference: http://nanbauerblog.com
0 votes Thank Flag Link Tue Apr 7, 2009
HELLO ADAM,

THAT PROPERTY IS IN A SHORT SALE. THAT MEANS THAT THE BANK CAN TAKE ANYWHERE FROM 3 TO AS MUCH AS 8 WEEKS FOR AN APPROVAL OF YOUR OFFER. IF THE SHORT SALE HAS ALREADY BEEN APPROVED BY THE BANK THEN IT MAY TAKE MUCH LESS TIME TO GET AN APPROVAL.

IF YOU HAVE ANYMORE QUESTIONS FEEL FREE TO CONTACT ME AT 708-646-6533 OR YOU CAN GO TO MY WEBSITE AT http://www.mccolly.com/nlathus. I WOULD BE MORE THAN HAPPY TO HELP YOU WITH ANY QUESTIONS OR NEEDS YOU MAY HAVE.

HAVE A WONDERFUL DAY,
NICHOLE LATHUS
MCCOLLY REAL ESTATE
0 votes Thank Flag Link Tue Apr 7, 2009
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