Banks put my offers in limbo...aaaaarrrrrrgh How much time should I give them to decide?

Asked by Gus Cast, 30002 Mon Feb 16, 2009

I really want insight only from a lender. I have an underwritten loan-I AM READY TO BUY as owner/occupant. Yet twice, I've withdrawn my offer for 2 different foreclosed homes in the Atlanta area because in each instance the involved lender is swamped with offers to evaluate and could not work on mine within 2 wks. How can I shorten the redtape and how can I get realtors to help me break the logjam. And don't tell me about offer deadlines when you know the banks have their own timeline anyway.

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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Nov 17, 2011
How about not buying a bank owned property? If you are looking for a bargain you must spend the time to get the job done. There is no free lunch.

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Sally English, Agent, Atlanta, GA
Thu Nov 17, 2011
Lenders, or more accurately asset managers and investors, just don't care about your time line. We have ways of dealing with this problem. Just need to know the ropes of dealing with banks.
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Hank Miller, Agent, Alpharetta, GA
Tue Feb 17, 2009
Gus -

I'm a broker and appraiser and do a ton of REO appraisal work as these homes start the process - the quick answer that you want is rare at best. I have trouble contacting handlers, reps and agents and I'm supposedly in the loop. From the buyer side, I've had success in getting answers by continual pounding and having offers that are clean and simple - and success is about 70% response and about a 50% closing ratio. This is the buy side, the listing side can be just as miserable trying to get them to respond to anything.

There's no system and there's no logic to any of this - you need a jackhammer agent and you need to understand that there really is no sense of urgency or even concern on the part of the lenders/disposition's just another house to move in a pile of homes.

Let me know if we can help -

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Felicia Will…, Agent, Fayetteville, GA
Mon Feb 16, 2009
Hi Gus,

Sometimes it depends on the agent. For instance, some listing agents like to hold offers until they find a buyer that want to buy that property, so that way the listing agent can get both sides of the deal. Also, if the property is going up for auction, then the bank will place the offer on hold. However normally the banks can take from 4 hours to up 72 hours to respond to an offer. If the offer is reasonable then the bank will respond back quickly. Are you working with an agent when placing offers. If so make sure agent gets a timeframe from the listing agent on when the seller will respond. Then that agent need to follow up consistently on the offer. If you are putting offers on short sale properties then you might wait 2 weeks or more.

Felicia Williams
Solid Source Realty
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Dallas Texas, Agent, Dallas, TN
Mon Feb 16, 2009
Banks dont work with time lines if placed on a contract.

NOT UP TO REALTORS we have been listing / buyers agent of foreclosures, response can be IF THEY LIKE YOUR OFFER WITHIN HOURS or usually 5 working days.

If you dont receive a response keep looking
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