We made an offer on a bank-owned home 3 weeks ago, and still have not heard from the bank.

Asked by Sonia, Glendale Heights, IL Tue Jun 3, 2008

Should we retract the offer? Or wait it out longer? We like the townhome, but we also don't want to keep wasting time.

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Scott Epstein, , Crystal Lake, IL
Tue Jun 3, 2008
Unfortunately that is not to uncommon these days. The asset managers are buried with properties. Are you working with a Realtor? I would just have them continue to contact the listing agent, In the meantime I would continue to look for other properties just in case it drags on even longer,
1 vote
Todd Crump, Agent, Moreno Valley, CA
Sat Jun 14, 2008
You should hang in there for a while. The banks are overwhelmed with properties and it is taking longer than usual to respond. Have your REALTOR contact the listing agent to check on th status of your offer.
0 votes
Carl Ben Wit…, Agent, Upper Montclair, NJ
Sat Jun 14, 2008
If it is way under asking price, you may never hear, IMO. Banks ask market value and wait for it. Fair offers are responded to in a few days. Banks would not last long if they gave them away.
0 votes
Bob Brandt, Agent, Schaumburg, IL
Wed Jun 11, 2008
They have hundreds of properties they are dealing with. I would hang in there and see it through or you will see later that someone else got the good deal on the right place, that you should have got, if you only waited. I assume your offer is way under market.....
Web Reference:  http://www.realtybob.com
0 votes
Carl Ben Wit…, Agent, Upper Montclair, NJ
Thu Jun 5, 2008
If you like the house, how about this. Get the phone number and name at the bank. The agent should help. after all they want to close too. Call them and tell them how utterly foolish it is from your perspective, for a decision to take so long. Tell them you know they don't want to foreclose and own the house. If you have any omney in the bank, tell them that you and all your friends will withdraw from their bank as soon as possible if the inefficient handling of the offer is not expedited. If the bank looses money and reports pays less taxes or asks the tax payers for relief in any way for their operating losses, you will organize a street protest in front of the bank, with a big sign carrying the person's name in big letters, blaming her/him for loosing the bank's money.
Too harsh? Too confrontational? Is it?
0 votes
Sonia, Home Buyer, Glendale Heights, IL
Tue Jun 3, 2008
Thank you for all the advice. We've been going back and forth with our agent, and from what she is telling us - the bank is just 'reviewing' our offer. Most probably, we'll probably take back the offer later this week. Which is a shame because we liked the house...
0 votes
Linsey Plane…, Agent, Rancho Santa Margarita, CA
Tue Jun 3, 2008
I don't think there is a 'standard time' in this market. I've had quick responses from smaller banking institutions but larger banking institutions are often overwhelmed and response time can be weeks - even with Bank Owned.

Hang in there if you are the only offer. But it doesn't hurt to keep your eyes on things.

Just remember if you find something you think you like as well, or more, and it's an REO or a short sale, the grass may not be greener.

Good Luck
Web Reference:  http://ocrealestatevoice.com
0 votes
Tim Soper, , 60436
Tue Jun 3, 2008
I agree with Dino...with an REO you should be getting an answer in less than 3 weeks. Your Realtor should be communicating with the listing agent to find out why the delay. You may not speed up the process, but you should be able to get a reasonable approximation of when your offer will be decided on.
Good Luck,
Tim Soper
RE/MAX Pinnacle
Shorewood, IL
Web Reference:  http://www.SoperTeam.com
0 votes
Dino Patras, , Arlington Heights, IL
Tue Jun 3, 2008
Short sales and reo's are two different animals. You should get a response from bank owned property (reo) in less than three weeks generally. If you have put in an out of market offer, however, it's possible that you won't get a response at all.
0 votes
Jim Johnson, , 78233
Tue Jun 3, 2008
Three weeks is a short time when buying an REO. You need to decide what your priorities are. Be objective about it. If waiting is not an option, withdraw the offer and avoid other short-sales and REOs. If you decide to stick with it, don't get your hopes up. It can take several months for an REO to go to closing after the first offer, and a buyer can bid on several REOs before having an offer accepted.

No, this does not mean you should go out and bid on one after another and wait to see which one goes through first. More than one could go through at the same time--then what!
0 votes
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