How long does it take a bank to look at an offer for a property they own?

Asked by M, Massachusetts Wed Feb 13, 2008

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Julie’s answer
Julie, , Charlton, MA
Tue Feb 23, 2010
Kevin,

It has been crazy these days with the banks. I have had clients waiting months for properties. Two properties the banks waited so long that the pipes burst on one and the other got broken into and destroyed.
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Tue Feb 23, 2010
Generally not much more than 3-5 business days.... but when it comes to banks there is never any rhyme or reason.
Web Reference:  http://www.thehousewiz.com
0 votes
Gary Gardiner, , Naples, FL
Fri Feb 12, 2010
Dealing with REO (bank owned ) properties can be a very frustrating experience. Banks can take months to
"look" at an offer. In these times the backlog of properties and relative offers are HUGE so as a result
banks are slow to respond. Sometimes they don't respond at all. As a prospective buyer, I would not wait
very long if you are not getting some feedback in a few days. Just keep looking and don't assume some
sellers aren't willing to deal. Sellers will have to meet the market to sell.
0 votes
Tom and Joan…, Agent, Boston, MA
Fri Feb 12, 2010
Morgan:

If the property is a short sale it can take anywhere from 3 days to more commonly 30 days. If the property is owned by the bank then it should take no longer than 3 days, and I would be weary if the bank is taking more than 3 days on a foreclosed home. It is critical that you know the difference. T
0 votes
Peggy Hall, Agent, Lenoir, NC
Thu Apr 9, 2009
I agree with Rob. It all depends on the bank as to the length of time it takes to look at an offer. Right now, banks are completely overwhelmed with foreclosures. I currently have one listed for a local state employees credit union. I have 3 offers on the table and they were all presented to the local branch manager almost 2 weeks ago. Of course, he had to forward them on to his home office in Raleigh for review before accepting one to counter to. I have called the local office about everyday to check on the progress of the offers but, have not gotten a response yet. Buyers looking for a good deal in foreclosures, just have to be patient and not stress out too much. Because, there are some really good deals out there.

Peggy Hall
0 votes
Nancy Fudge, Agent, Wilmington, MA
Thu Apr 9, 2009
I have to agree with Mark T. Bank owned can be very difficult. Presently I have a buyer who made an offer on a bank owned property over 3 weeks ago and still no answer from the bank. There are some really good buys out there that are not bank owned........sometimes less stress!
0 votes
Mark Tavenner, , 01450
Wed Feb 13, 2008
John good answer. There are some GREAT deals and most are not bank owned . Working with bank owned can be very hard. No set time limits. Everybank has there own time frame. I do see it getting a little faster.
Web Reference:  http://www.Solsdenew.com
0 votes
John Savigna…, Agent, Hopkinton, MA
Wed Feb 13, 2008
if it is a property they already own it should only ne A few days. Having said that, your realtor or the listing agent should already have an idea of the turn around time. many of these listings say right on them how long you should expect to wait. The bank is a corporation that works 9 to 5, so if you put an offer on friday at 3pm it wont even get submitted til monday. There are some fantastic opportunities out there and they are not just ban owned keep an open mind. also some foreclosures are not necesarily a good deal.

Good Luck!

John
0 votes
Rob Goodwin,…, , Easton, MA
Wed Feb 13, 2008
Unfortunately Morgan, it depends on the bank. Some banks are overun with paperwork and it could take a month or more. Other banks may be able to get back to you in a week or so. Ask your realtor to stay on top of the bank.

Regards,

Rob
Web Reference:  http://RobertDGoodwin.com
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