Hi K.R. - I have been going through THE SAME THING WITH REO's for the past 6 MONTHS, and have just this week FINALLY gotten an accepted offer on one. Here's how it will typically play out IF THE BANK WANTS TO SELL, AND IF THEY ARE NOT WAITING FOR A BETTER OFFER:
1. You should receive atleast a VERBAL acceptance, counter, or rejection - within a week(at the longest)
2. IF they accept, they will forward the "addendums" to the listing agent, to forward to YOU to sign, BEFORE the contract can be EXECUTED.
3. AFTER all this is said and done, and ALL parties have signed, Escrow opens and you are on your way.
BUT, it should NOT take longer than a week to receive SOME SORT OF INDICATION ON WHERE YOU STAND. REGARDLESS OF HOW OVERWHELMED THEY ARE.
It's very simple: IF the bank wants to sell the property, they are going to do it. They will be fast and efficient when they WANT to be... Just keep this in mind when you find yourself sitting around waiting, watching days go by with no response. Trust ME, I know what it's like. It's a tough road, but it DOES have an end in sight. KEEP ON THE LA's A**, and he should provide you with the answers you seek.....Good Luck and Hang in there! - Thu Jul 10 2008, 09:49