What is a reasonable amount of time to wait for a bank to accept/reject an offer of cash that is higher than the listed asking price? The offer was

Asked by Kdmrehunter, 85204 Fri Oct 23, 2009

presented in writing, through a buyer's agent, and proof of funds was provided but every time the agent asks the listing agent for an update, he tells her the bank hasn't responded.

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6
Mr.P, , Arizona
Mon Oct 26, 2009
Well then...

You are looking to buy two homes or just the first one that gets accepted?

Either case, this question of how long it could take for a response is almost irrelevant, because there are so many different factors. After you have acceptance is when the real questions begin. At that time a buyer broker(a good one) will save you time and money. Will you get the same from dealing direct with a listing agent? That really depends on your level of experience, and the integrity of the listing agent.

You may want to consider just dealing with one Agent, focusing on your end goal.

Good Luck
Patrick
0 votes
Kdmrehunter, Home Buyer, 85204
Mon Oct 26, 2009
I understand your confusion, but my questions related to two different transactions. Thanks for your post.
0 votes
Mr.P, , Arizona
Fri Oct 23, 2009
By reading your other questions, I am beginning to think you do not trust the people you are working with, which is understandable. This real estate market does not make a lot of sense.

In my experience I have put Buyers agent, Listing agent, and client on a conference call. Then you will have all of your answers, which will lead to the determination that the Bank is the problem.

You have a Buyers Agent this is their job to answer your questions, they are at ground zero with you, this is what you are paying them for.

To answer your question...
Bank Owned 1 to 10 business days
Short Sale....forever

Good Luck
Patrick
480-543-9899
0 votes
Dawn O'neal, , San Jose, CA
Fri Oct 23, 2009
After completing short sales in 2008 to 2009 - I tell you truly.....there is NO perfect answer. Both answers below are correct and give you an idea of what agents face in trying to assist clients through this maze.

The ones I have worked have closed in as little as 2 months to a total of 8 months. If you get involved in a Short Sale, be prepared to wait. Your purchase price is so much lower than the original market price, what you put in in time, you will get in price reduction.

Dawn O'Neal
Realty World Executive Advantage
408-923-7758
Web Reference:  http://www.DawnOneal.com
0 votes
Artur Ciesie…, , Phoenix, AZ
Fri Oct 23, 2009
There are two questions here. One is time frame: ask you agent. Each bank has a different time frame, different procedure and bureaucracy. Reasonable is a week or less, but it can take longer - depending on the bank and the person handling the file.
Cash does not change anything. 32% of all purchases in any price range are cash. For the bank cash often has little sway and will not influence the time to reply. In other words you have to adjust to them if you want the home.
0 votes
Temporarily…, , Tempe, AZ
Fri Oct 23, 2009
Not uncommon. Sometimes can take weeks to get an answer, if they even bother to update everyone that submitted an offer. All your agent can do is to keep checking with the listing agent for an update.
0 votes
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