worst case with the 50%, they respond with a counteroffer. The odds are they would reject the 50%.
There is no well defined market in Toledo right now - it is frozen. My rule of thumb is that if a house is on the market for 90 days and has not sold - by definition it is overpriced. Who knows what a house is worth in this environment?
Christina Asad Edwards, Realtor
Unfortunately, there is no set timetable for getting responses from banks. They have their plates very full right now with the flood of foreclosures and short sales. My experience is that you will be lucky to have a response within a few weeks. I would expect it to take longer than that. Sometimes it can take months to get a response, so you need to be willing to be patient. I definitely would put a time limit on the offer, otherwise the bank could try to hold you to the contract (unlikely, but possible). Do you know what homes/foreclosures are going for in that area? It is always a good idea to do some homework before putting in an offer on a home. Do you have the paperwork for putting an offer together? I would be glad to assist you if you are not already working with an agent. If you are, they should be able to guide you and give advice. Having representation is very important to make sure that your interests are being looked out for. Feel free to contact me directly if you have more questions. I hope your Easter has been enjoyable!