Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
mobile or text 937-205-4741
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
If the bank has not signed the agreement, then there is NO agreement until it is signed. My experience in representing both banks and investors purchasing bank owned properties has been that all banks are different and many take a long time to get anything back. The one I am in the middle of now, took 3 weeks to get the contract back in writing. I am representing another bank right now and it has only taken 3 days to get turn around from them on anything - so they are all different.
Also, you may want to consider the agent who has it listed. Some of them are very quick to resspond and some of them are not very fast. As you can imagine, all agents who list bank REO homes are a bit busy at the current time, so the best advice I can give is to wait it out and be patient - they usually do what they say they are going to do, but it may take some time.
Is your REALTOR on top of the situation? He/She might not be able to break through the bureaucracy. It takes an experienced agent to establish a report with a bank.
First, did they cash your check? This could be an implied acceptance of contract, and surely, if they didn't accept it, you should have some recourse for why they cashed your check.
Second, presuming they didn't cash your check, then no, there is no defined timing on your offer, unless you put one on it. Interestingly, some past situations have been decided in favor of the party that submitted an offer and waited a "reasonable" amount of time for a response, having none, they presumed their offer was declined. But there are cases where the definition of "reasonable" is undefined and the seller accepted an offer after a "long" period of time and the buyer was held liable for the offer.
Your best course is as earlier answered, some patience. REO property sales can be done in a week, or sometimes as long as 6 months in the worst cases. I find the best alternative is to call the bank every single day until you get an answer, and don't put up with getting passed on to differently people. Find the decision maker, figure out how best to communicate with them, and bird dog them until you get an answer.
In the end, some would say that until you retract your offer, it's still valid and could be accepted by the seller. If you don't want to be on the hook, send a notice to void the offer, but again, try working with the bank to get the communication process working.