Home Buying in 30337>Question Details

Shanda, Home Buyer in Atlanta, GA

how long will it take once the bank accepts your offer and you sign the contract?How long will the bank take?

Asked by Shanda, Atlanta, GA Wed Dec 10, 2008

to send a signed copy back

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The listing agent should be able to give you an estimate based on past work experience with that asset manager or bank. i have some banks that answer the same day. Most are within 24 hours and only 1 takes longer if the offer isnt within 20% of asking price as they need further authorization. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Dec 11, 2008
Shanda,

Don't put all of your eggs in one basket. I recently had a client bail out on a short sale after waiting 7 months for the bank to respond.

I hope this is not the case for you!
0 votes Thank Flag Link Thu Dec 11, 2008
I have had the bank take as long as 4 months to respond to an offer. By then the buyer had moved on. I have a short sale listing right now. I submitted a full price offer 7 weeks ago to the bank. They haven't responded. They won't even call me back. It's crazy, I am the listing agent on the bank's side! I have also had offers responded to in a week, but that was a couple of years ago when the banks weren't so busy with foreclosures. With foreclosures and short sales, patience is key. A backup plan is a good idea too.
Web Reference: http://www.JenBowman.com
0 votes Thank Flag Link Thu Dec 11, 2008
There is no set time. It could take 3 months it could take 7 or 8 months.
Debbie Herman Realtor Rockland County
Web Reference: http://www.debbieherman.com
0 votes Thank Flag Link Thu Dec 11, 2008
This could be a lengthy process, what buyers need to know is that banks are over welled with short sale & foreclosure files. What we should focus on is that buyers will benefit from acquiring a short sale property at a great value.

If your client/customer is not willing or does not have the time to wait for 30 to 60 days to get an approval from the lien holder, short sales properties is not a journey you want to experience with them.

It also depends on the number of Mortgages, IRS Liens & Other Liens on the property. Mitigators are having to present the offer and negotiate with ALL parties involved and that could be a lengthy process.

I hope this helps to understand why it take so long to get and answer from the lien holder.

Anthony Acosta, Jr.
Harry Norman Realtors
866-515-1966 Toll Free Cell
Web Reference: http://anthonyacostajr.com
0 votes Thank Flag Link Thu Dec 11, 2008
LOL ...Hank....I lost my coffee

I had a bank take 21-days to return the seller's signature. It truly does vary bank-by-bank.

Good Luck
0 votes Thank Flag Link Thu Dec 11, 2008
How high is the sky and how deep is the ocean - you'll likely have an answer to those questions before getting a solid answer from banks. Typically it's decision by committee and most use statistical models to determine whether a contract makes sense to accept. Once accepted, I've seen many cases where things still bog down and even change - this isn't an easy process.

Hank
0 votes Thank Flag Link Thu Dec 11, 2008
It does vary greatly from bank to bank.
They do like for the buyer to be prepared to close quickly.
Do you have your financing in place? Banks look closely at your financing weather it be FHA , VA or conventional.
I am a loan officer and rates have dropped below 5.00%.Let me know if I can help.
0 votes Thank Flag Link Thu Dec 11, 2008
Joshua is correct. It all depends on the company you are dealing with and whether your dealing with a short sale or a foreclosure that is now lender owned(REO).
I have personally seen some lenders accept an offer in as little as 48 hours in and REO situation. On the other hand I have seen some take up to 3 months especially when dealing with some of the asset management companies.
Your agent if you have one will really be able to help you, if he or she knows what they are doing. If you don't have an agent and are looking for someone that has experience dealing with these types of transaction give me a call. I would be happy to help.
0 votes Thank Flag Link Wed Dec 10, 2008
Banks move at their own pass it can be within 24 hours up to several weeks. No fault to listing/buyers agent just bank have "red tape" must be followed.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Dec 10, 2008
That depends on the bank and how overworked the asset managers are at that particular point in time...generally with a bank-owned foreclosure you're looking at 2-6 days to receive a copy of the contract back from them and usually about 30 days to close (sometimes sooner if you're paying cash).

Now - if you're dealing with a short sale (which still requires bank approval/signatures) you're in for a whole different ballgame...See this article I wrote for more information regarding Short Sales... http://springhillrealestate.featuredblog.com/?p=11

Hope this was helpful!

Thanks,

-Josh
0 votes Thank Flag Link Wed Dec 10, 2008
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