I put in an offer for a rehab foreclosure. It was a low-ball offer because the fha203k includes construction costs. Do banks take forever to respond?

Asked by Summer, Norwalk, CT Thu Aug 12, 2010

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Mary Ann &…, Agent, Westport, CT
Sun Jul 6, 2014
Hi Summer--I hate to say this--but yes--they may. If your offer was closer to what they want they probably would respond sooner. I've been through it with clients several times. Hope that helps.
Mary Ann Laurita, Berkshire Hathaway HomeServices
0 votes
Paul Lengyel, Both Buyer And Seller, New York
Wed Mar 28, 2012
Anyone who tells you not to lowball is only concerned about their commission
0 votes
Caroline York, Agent, St Petersburg, FL
Sun Jan 23, 2011
My experience is that if your offer was too low you may not hear at all. Low ball offers are often ignored by the banks. Talk to the Realtor and find out if you should submit another offer. If your first offer had a response deadline you may be out of contract. If you are not working with a Realtor then try to contact the lender's agent that is handling this property. Properties usually have ID #s so check that out and call to see who is handling it and then proceed from there.
0 votes
Ninfa Valella, Agent, Wilton, CT
Sun Jan 23, 2011
Summer,

In my experience with foreclosures the banks respond on a timely basis.
0 votes
Khalid Muham…, , Fairfield County, CT
Fri Oct 29, 2010
I have to agree with Janet. I don't know if you'll get it with a low ball offer. You better leave the idea of low balling if they ask for highest and best.
0 votes
Laura Feghali, Agent, Stamford, CT
Thu Aug 26, 2010
Hi Summer,
The banks usually respond in a timely manner with foreclosures as they own them and want to resell them as quickly as possible. It differs from a "short sale" as the seller still owns the property but the decision maker is the bank. Short sales take much longer as there are more parties involved in the transaction and sometimes more than one lender is involved. I suggest calling your agent or the listing agent to determine the status of your offer. I hope this is helpful to you.

Laura Feghali
Prudential Connecticut Realty
Stamford, CT
0 votes
Janet Nation,…, Agent, Baldwin, NY
Thu Aug 12, 2010
No they don't, not for foreclosures. How long ago did you put in your offer . Good luck with the low ball offer banks typically get close to asking, asking or above asking price on their under market value listings.
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Andres Piedra, Agent, Herndon, VA
Thu Aug 12, 2010
Banks can take quite some time to respond. It all really depends on how many foreclosures they have on the books. If there's a listing real estate agent involved, you should have your agent have the lister contact the bank regularly for updates. If there are no agents, call the bank directly and request their REO department.

Very best,

Andy Piedra
Keller Williams Real Estate
Alexandria, VA
0 votes
Melinda J. R…, Agent, Grand Rapids, MI
Thu Aug 12, 2010
Summer, generally speaking a true foreclosure has responses in 7 days or less. However, as long as it is a foreclosure and not a pre-foreclosure AKA short sale. That can take months to get answers. How long have you been waiting for a response?

I hope this information helps! Best Wishes!
Web Reference:  http://www.GoMelinda.com
0 votes
Caroline York, Agent, St Petersburg, FL
Thu Aug 12, 2010
Yes. However they get back to you sooner on a bank owned property than they can on a short sale. If it is a pre-foreclosure and your contract is with the seller, but final purchase depends on the terms of a short sale addendum then it will take considerably longer. In FL we are seeing anywhere up to 103 days from the time a seller gets their first offer and begins the short sale process. However a bank owned property can settle in as few as 45 days if everything is in order.
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