If I offered full price on a home plus closing do I have a good shot at the bank excepting if i'm the only offer.

Asked by Chantelle, 92065 Fri Aug 12, 2011

Also how long does it usually take for them to accept or not if I just put the offer in today?

Help the community by answering this question:

+ web reference
Web reference:

Answers

16
John Arendsen, Agent, Leucadia, CA
Fri Aug 19, 2011
Well, this little adventure sounds exciting. Keep us posted.
1 vote
Bill Eckler, Agent, Venice, FL
Sat Aug 13, 2011
Chantelle,

Full price offer
closing costs
the only offer on the table

Unless there is some other unknown factor that the bank has concern about, you should plan on hearing from them within several days.

Good luck,

Bill
1 vote
John Arendsen, Agent, Leucadia, CA
Fri Aug 12, 2011
I'd say start packing your bags and getting the kids enrolled.
1 vote
Ron Thomas, Agent, Fresno, CA
Fri Aug 12, 2011
It sounds like you have a good shot.

Congrats!
1 vote
Mary Lawler, Agent, San Diego, CA
Fri Aug 12, 2011
Managing the buyers' expectations on any sale is a critically important part of a buyer's agent's job.

For a "normal" equity sale, a buyer can get an answer usually within 72 hours. There may be a lengthy period of counter offers and negotiations between buyers and sellers to determine terms, final price, closing date, etc.

On a short sale, the sellers may accept your offer, but it is up to the sellers' lender(s) to approve the sale and terms. Getting an answer from a lender can take months, so hopefully your agent prepared you for what I call "hurry up and wait." You've gotten all your offer paperwork in and now you have nothing to do but wait for the lender to say yes or no to your offer. Then if you get a yes, you have to hurry up and get inspections and appraisals completed and close escrow according to the lender's schedule. Sometimes a lender will pay closing costs - sometimes not. There is no sure formula and every short sale and foreclosure situation is different.

Good luck to you! I hope you get a yes and a new home!
Mary Lawler, Realtor
Realty Executives Advantage
619-857-5881
Web Reference:  http://www.MaryLawler.com
1 vote
Marcie Sands, Agent, Poway, CA
Fri Aug 12, 2011
Chantelle,

It sounds favorable not knowing the full picture. I'm assuming the property is an REO (Real Estate Owned - or Bank Owned). All banks are different in the time frames that they respond, most often they counter because their are several other contract terms besides the price to be negotiated. Speak to the listing agent to see when to expect a response (within 2 weeks is good). Did you also provide a loan pre-qualification letter? Do you have an agent representing you? Hopefully so, if not I hope you have studied the comparable sales to be sure that your full price offer is not overpaying and that you read all of your contracts carefully to protect your interests as with most Bank Owned, all terms will be more favorable to the bank.
1 vote
Daniel Di Ma…, Agent, Chula Vista, CA
Fri Aug 12, 2011
If you are the only offer you have a great chance at it. The bank may however wait a few more days to see what other offers they can get.
Good luck!
Daniel Di Matteo
CENTURY 21 Award
619-512-0006
Web Reference:  http://www.DiMatteoGroup.com
1 vote
Keri Cook, Agent, Newport Beach, CA
Sat Jul 6, 2013
Hi Chantelle,

There is no set time, because it will depend on many factors. For one, if it is a short sale, the timeline is entirely dependent upon the bank, how busy they are, where they are in the short sale process, and how many offers they are reviewing.

If it is not a short sale, there may still be numerous offers, which will have to be reviewed by the agent, as well as the sellers. Then, you have to factor in the possibility of the sellers being out of town, or unable to review them for other reasons.

Generally, you will ask for a three day response, which you may or may not get, especially in today's market! It is hard to wait, but it's kind of inevitable!

Best of luck to you, and please let me know if there is anything I can do to help you!

Keri Cook
keri@kericook.net
0 votes
Marcie Sands, Agent, Poway, CA
Fri Aug 19, 2011
Sounds promising...Great work on your agent's behalf for being persistent. If this is an REO transaction however you should be "Pending" or in escrow... not "Contingent". How is the property showing up now in the MLS? Have you made your good faith deposit and have your timelines for inspections started?

Kind Regards,

Marcie Sands
0 votes
Chantelle, Home Buyer, 92065
Fri Aug 19, 2011
OK so last week the bank accepted our offer but at first the agent told my Realtor that he wanted a conventional or a cash offer only so then my Realtor called the bank himself and found out that they would accept a cal FHA so when trying to get a hold of their agent to push the offer through he wasn't being cooperative so then my agents had to send a letter to him saying he would be reported ext.. then he complied and sent in the offer so as of now were contingent and just waiting for the inspection and appraisal ...hope everything goes well and thank you everyone for all you help much appreciated! :)
0 votes
John Arendsen, Agent, Leucadia, CA
Sat Aug 13, 2011
Keep us posted on your progress. I love to hear when and how short sales get closed.
0 votes
Lance King, Agent, San Francisco, CA
Sat Aug 13, 2011
Chantelle,

It really depends upon whether the asking price is what they're really looking for, or if they think they have priced it low to get multiple better offers. There is no rule of thumb that you offer $X if it's an REO. Best thing to do if have your agent speak with the listing agent to find out what the bank is looking for and how long to respond.

Usually you will hear within a few days, but you should also know that even if your offer gets accepted it can take a week or two to get signed contracts. Good Luck...

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes
Chantelle, Home Buyer, 92065
Fri Aug 12, 2011
to Marcie yes I have an agent and did all the paperwork and everything is done.....
0 votes
Chantelle, Home Buyer, 92065
Fri Aug 12, 2011
oh and its a REO sale not a short sale
0 votes
Scott Bingham, Agent, San Clemente, CA
Fri Aug 12, 2011
Yes you would have a good shot at buying that home. That would be a strong offer. They would counter your offer with a bank addendum, not accept the offer outright. Banks require buyers to sign an addendum confirming costs and that your buying the home in it's "as is" condition. Let me know if I can write up the offer on your behalf.

Thanks,

Scott Bingham - Beach Cities Real Estate
Web Reference:  http://www.bcre.com
0 votes
Sinead McAll…, Agent, Oceanside, CA
Fri Aug 12, 2011
It depends on the bank. Your real estate agent should be keeping you in the loop.

Thanks!
Sinead McAllister
858-205-5215
brokermcallister@gmail.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more