Howe long do I have to wait if I made an offer on a home?

Asked by Tess, Lathrop, CA Tue Feb 5, 2008

I have a realtor working for me. I made an offer on the home 1/27/08 and did not hear from my realtor til 2/4/08 a.m. Why it took him so long to update me regarding my offer? The home is asking $ 310,000 and I made an offer of $ 275,000 with $50,000 down and my credit score is 751. My realtor told me there was someone made an offer of $ 307,000 and the bank still doesn't decided yet if they will take the offer and my offer still ok according to my realtor and he told me to wait for another week if they will consider my offer. Why another week? Is that how long I have to hold on with my offer? Or should I move on to find another home?

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5
Eric Bryant, , Long Beach, CA
Tue Feb 5, 2008
The key was "Bank Owned". Otherwise, in this market it would have been about 10 minutes! lol. the banks are so inundated with offers right now they are just plain slow. You should, however, have heard back from your Realtor regularly, during the proccess. be patient, if you want that house, but if it is just one of many, take a look at an alternative. I wish you the best of luck. "The Coach"
Web Reference:  http://askEB.com
1 vote
Julie (Toon…, Agent, Hilton Head Island, SC
Tue Feb 5, 2008
When you are dealing with a bank as a Seller, patience is the word. They are not like a normal homeseller, they sometimes have committees that meet only on certain days to decide these things. My guess is that if they have another offer on the table that is $32,000 above your offer, that they will be more interested in the other offer than yours unless the other buyer has very poor credit and is asking for owner financing.

As far as pulling your offer and moving on to another house, I would ask you how much you like this house and are you willing to come up in price for it? What else is on the market for you to purchase?
Web Reference:  http://www.toonpawley.com
1 vote
Michael C. A…, Agent, Santa Clara, CA
Thu Apr 9, 2009
Real Estate Market have change, like what the other Realtor have wrote on this subject, BANKS are now the seller, and it's not only one person doing the decisions on all the offers. What you also need to know is that when your offer get accepted, your loan will take at least 30 days now to be approved. There has been a backlog on underwritting. Some banks will take 21 days just to underwrite your file. So, now you will be pressured by the BANK to close your loan on time... Crazy huh.

What you and your Realtor should do is to look for more other houses around the AREA, there'a a lot and a piece of Advise, banks accepts offer close to it's Market Value, of if you try to low ball your offer, banks will sometimes don't bother looking at the offer even if you have all cash offer. Believe me, I've been there.
0 votes
Khan, , Tracy, CA
Fri May 2, 2008
you dont have to wait.... if you need more professional assistance contact me @ 916-912-9722 khan
Web Reference:  http://www.amfsfunding.com
0 votes
Khan, , Tracy, CA
Fri May 2, 2008
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Web Reference:  http://www.amfsfunding.com
0 votes
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