I've dealt with foreclosures sales for over twenty years, and if there's one thing I've learned the only thing greater than the arrogance of the Banks and the asset managers who "handle" disposing of foreclosed properties is their stupidity. Foreclosures are rarely the deal buyers think their getting, and most would be well advised not to buy them.
See the link below for more details on buying foreclosures.
If you are in a multiple offer or counter offer situation, there is a specific time frame in which the seller has to respond to your offer or your offer is considered withdrawn. It is on the multiple offer/counter offer form.
That is to say, when you make your offer/counter offer, you control when you want a response from the seller. It makes no difference if the seller is a human being or a bank/lender. Sometimes lenders have their own forms, but there should still be a time frame in which they must give you an answer.
If you are using a Realtor, they can often get a feel from the listing agent how long the bank/lender may take to respond, and you can tailor your offer to match the situation.
Hope that helps!
However, the reality is these sellers of stolen real estate have multiple revenue streams emanating from these situations. Now, with big real estate investors like Blackstone who have announced budgets to ONE BILLION DOLLARS to buy real estate, they have the option of letting these volume/bulk buyers cherry pick the inventory, as they stall the process. It is unfortunate we can not see behind the curtain to observe what is taking place in the REO arena. The lack of transparency is a true breeding ground for the vitriol that is so rampant.
The ideal buyer for distressed properties are 'STATISTICAL' buyers, (if the numbers work) not emotional, end user buyers.
How long do they have? However long they want. Period.
This is an abusive process, and all you can do is grin and .....well you get the point.
Wish Iâ€™d said that.
There is no â€œnormalâ€ time frame as stated below in numerous ways. The only â€œnormâ€ here is that the bank will do what they want to do and itâ€™s their way or the highway.
Here is a post that may be helpful:
How To Buy An REO â€“ Top 17 Questions Answered
Seems to me the banks got us into the mess we're digging out of today with careless lending practices and now they are mad at consumers and going to make them (consumers) pay for the mess they (banks) created. Has to be a pretty sweet deal to make it all worthwhile...
The response time varies from one reo Seller to another. I have seen a three days response and I have also seen a six weeks response. Sometimes it pays to be patient. The deal is all worth it, if eventually you are the lucky winner.
Wish you all the best,
Realty One Group
If multiple offers do not meet the Sellers perceived value, they may choose not to accept any of the offers.
It is "part & parcel" of buying distressed properties.
Keep in mind, even professional investors may lose 5 or more times before being the high bidder resulting in a contract. Not all contracts result in a sale.
If you have other questions, I am available to help.
"Will I ever hear back from the Bank if my offer is not accepted?"
The answer; probably not; you will mistaken the silence for then "thinking " about your offer, when in fact, they have probably move on.
Spirit Messingham, PLLC
3rd Generation Full-Time RealtorÂ®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
Tierra Antigua Realty