How long does it normally take before you hear back from the bank about an REO once you have submitted an?

Asked by Looking, 91731 Fri Aug 7, 2009

offer (particularly Wachovia bank owned homes)?

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5
Jose R. Reyes’ answer
Jose R. Reyes, , Los Angeles, CA
Tue Sep 1, 2009
Many times you'll never hear any response. Properties are being hit hard with multiple offers right now. The banks are usually only looking at the top 3 offers and disregard all others. Of those 3 top offers, they may hear the YES or NO. All the other offers many times get thrown on a pile and never get any attention what so ever. Usually the REO agents don't take the time to call or e-mail the 20 other offers that weren't strong enough.

JR
Web Reference:  http://www.HOTLAHOMES.com
0 votes
Kiet Truong, , Rosemead, CA
Fri Aug 7, 2009
If your offer is outstanding, it usually take 3-5 hours from the listing agent to confirm, and counter offer come over 2-3 days later. But sometime it really depend on the bank's decision. Just be patient, and it will finally come to you if your offer is one of the best!

Kiet Truong
Kotai Realty
626-623-2183
0 votes
Michael Barr…, Agent, Irvine, CA
Fri Aug 7, 2009
Hi there., It usuall is a about 7-10 days on average. sometimes less depending on the number of offers on the table

Hope this helps
Kind Regards
Michael Barron
Realtor/REO specialist
0 votes
Matt McClain, , Rancho Cucamonga, CA
Fri Aug 7, 2009
Hi!

The timeframes to hear back vary greatly depending on the bank that owns the property.

There are many factors that affect the speed at which REO property submittals are reviewed. Some of my clients have gotten responses in less than 7 days while others have taken almost 30.

If your realtor is in good contact with the agent who represents the property, then you are doing as much as you can on your side of the offer.

Hopefully, you will not have to wait it out for too long.

Sincerely,

Matt McClain
Axiom Real Estate / Axiom Lending Group
socalrealtorforyou@yahoo.com
http://www.socalrealtorforyou.com
http://www.socalluxuryestates.net
0 votes
Steven Ornel…, Agent, Fremont, CA
Fri Aug 7, 2009
Hi Looking, if you are speaking about an offer on a MLS listed property, I have heard back within 3 to 10 days.

Best, Steve
0 votes
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