I put in an offer on a Pre-foreclosed house 10 days ago. How long should I wait to hear back from the bank?

Asked by Sheen, 32210 Fri Jun 26, 2009

before I move on? On average how long does it take to hear back from a bank on a offer? Can I do anything to speed it up?

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Brenda Gravi…, Agent, Jacksonville, FL
Sat Jun 27, 2009
Dear Sheen,
I have an offer for a buyer waiting on acceptance with Bank of America/Countrywide. All docs from seller have been submitted and there is only one lien on the property. BofA said it would take 60-120 days for them to respond on the full price cash offer to close in 15 days with no inspections.

I don't know why BofA would take this long to respond to the offer. They must be understaffed. They do have to order a BPO and check with attorneys involved to see if court proceedings are currently involved but this, in my opinion, should not take longer than 2 weeks.

I miss the days back in the late 1980's when the term "short sale" had not been invented yet. I contacted the seller and got the offer signed; I made an appointment to meet with the bank at their office; the seller came with me; everybody negotiated and signed everything; and I left the table with an agreed upon, signed contract and we closed in 30 days. This was when loan companies used common sense and weren't playing games with the public.

Brenda Gravitt CRS, GRI
1 vote
Reggie Michel, Agent, Jacksonville, FL
Fri Jun 26, 2009
Hi Sheen! It can sometimes take up 30-90 Days to hear a response from a bank. Some real estate pro's have contacts with banks or utilize Short Sale negotiation companies that may be able to expedite the process due to their contacts/connections at the bank. If there's any other questions I can answer for you, please don't hesitate to let me know.

Reggie Michel
Amalya Realty Group, LLC
1 vote
Martha Vidal, , Orange Park, FL
Wed Jul 1, 2009
I am curious to know if you had any response, I'd like to know also how the offer was submitted, and what kind of responses have you received so far. Maybe I can assist you but I need all the informaton you have on hand.

Best regards,

Martha Vidal

Web Reference:  http://www.MarthaVidal.com
0 votes
Keith Sorem, Agent, Glendale, CA
Sat Jun 27, 2009
I suggest that you ask your Realtor to ask the listing agent what you can do to expedite the process. I would also find out how many short sales the L/A has done, who the lender is, and if there is a first only, or are their more liens, like a second, perhaps unpaid property taxes.

Read the preliminary title report, see what it says regarding liens.

If the process takes the normal 60-90 days, then read the article below. In a declining market it is likely that the value will drop below the agreed sale price. Strategize how you will/can respond if that occurs.
0 votes
Sellin' With…, Agent, Jacksonville, FL
Fri Jun 26, 2009

60-90 is a short average. Some banks can take 5-6 months. You never know what can pop up in a transaction with the bank, They could have surprise expenses they will not pay for, there could be mulitple liens to negotiate. There is no statistical evidence that a third party speeds up the process, it is merely so the listing agent does not have to deal with all of the time and work that goes in to a short sale. If you are not on a time crunch to move these homes are usually worth it.. The only thing that speeds up the process is that the listing agent has a full complete package sent into the bank.
0 votes
Gregg Zeiler, , Maryland
Fri Jun 26, 2009
In a pre-foreclosure/short sale scenario, time can often pass by slowly.
Hearing from the bank is one thing. Getting to the settlement table is another!
I have experienced short sales being completed in 45 to 60 days. Not too bad actually.
However, the more common experience is to wait four to seven months. Remember, you could get to the settlement table and the powers that be can still cancel the transaction. What's more, the current owner could come up with the funds and pay down the mortgage.
I would advise against becoming too emotionally attached to a pre-foreclosure property. The odds are stacked against you.
You should have better luck with a REO/bank owned/foreclosure.
I hope this helps.
Web Reference:  http://www.greggzeiler.com
0 votes
Katherine Da…, Agent, Atlantic Beach, FL
Fri Jun 26, 2009
HI Sheen,

Your Realtor can give you the day to day on your offer. You personally can't speed things up. The contract will be handled by your Realtor and the Bank.

Don't expect a Pre-Foreclosed home offer to move quickly. Read some of the posts on Short Sales in this forum and you'll see what I'm talking about.

Good luck.
0 votes
Blaine Rabe, Agent, Jacksonville, FL
Fri Jun 26, 2009

These can take forever. Or they can move fast.

WIth REO and the like, don't fall in love with the home. Once your offer has expired, go looking. If they like you, they will come back. Then you are in control, and not dependant on them.

Web Reference:  http://www.blainerabe.com
0 votes
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