Foreclosure in 11040>Question Details

Choosepros, Home Buyer in 11040

How long does it take for a corporation/bank decide on a foreclosure home?

Asked by Choosepros, 11040 Tue May 11, 2010

I gave in my offer with my commitment letter for a foreclosure home about 2 weeks ago.How long does it take for a corporation/bank to accept or not accept?

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Stephanie’s answer
From what I've read on different forums/blogs it seems like most people hear back within a couple of days. However we put an offer in on an REO 2 weeks ago and our agent told us the bank still has not made a decision.

Apparently we are the first and only offer (after over 30 DOM) and according to the listing agent the bank is waiting to see if any more offers come in before they make their decision.
1 vote Thank Flag Link Tue May 11, 2010
Depending on the bank, the issue may be that they do not have enough people to process the amount of inventory they now have on their hands, and that it can easily take several weeks to get any kind of response depending on the amount of offers on the property.
0 votes Thank Flag Link Sat Mar 2, 2013
I don't think they "have" to give you an answer and sometimes they wont give you a response at all. But from what I've heard as long as there are not a ton of other offers and your offer was reasonable the bank will usually at least counter your offer or ask for your "highest and best" offer.

Good luck!
0 votes Thank Flag Link Wed May 12, 2010
Thank you Stephanie... Yeah my realtor keeps calling the realtor who is i guess the liason between bank and property and he does not know. So, from your response after 30 days of the offer being submitted the bank must give an answer whether they accept or not? Is that true for NY as well?
Good Luck on your home...
0 votes Thank Flag Link Tue May 11, 2010
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