how long after making an offer on a bank owned property does it usaully take to get a response?

Asked by Josephilipe, Nottingham, NH Mon Feb 22, 2010

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Scott Godzyk’s answer
Scott Godzyk, Agent, Manchester, NH
Tue Feb 23, 2010
It depends on a couple of items, how fast the bank is in answering and how fast the agent is in submitting the offfice into the system to get an answer. With my banks, i can get an answer the same day the offer is submitted, most offers are answered within 24 hours while some take 48-72 hours but usually never longer unless there is some circumstances beyond the normal such as a deed issue, a really low offer, damages that need to be considered or the buyer is asking for someone outside of the normal. Now government listings hud, va, fnma and freddie mac do take 7 days on average to hear. you should be able to ask the listing agent what is normal or have your buyer broker ask what is normal for this particular bank. good luck with your offer.
Web Reference:  http://www.ScottSellsNH.com
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Gita Bantwal, Agent, Jamison, PA
Tue Feb 23, 2010
It depends on the bank. Your agent can give you a better idea .Some banks respond in a day some may take much longer.
Web Reference:  http://www.gitabantwal.com
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James Gordon…, Agent, Hamilton, OH
Tue Feb 23, 2010
I had a client that made an offer on Sunday. You can not count that as the offices are closed and no bussiness can be conducted with the seller. We received confirmation that our offer was accepted at about 1 p.m. so about 4 working hours.
It all depends on how you have written your offer and how on top of it the lender is. By the way this one was on a Freddie Mac property.
Web Reference:  http://www.Find1Home.com
0 votes
Alma Kee, Agent, Tampa, FL
Mon Feb 22, 2010
I've experienced as quickly as one day to as long as two weeks. If you're bidding on a Fannie Mae owned property you may experience a slow response. Also Fannie Mae is only available to owner-occupant buyers for the first two weeks.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 22, 2010
Some lenders are faster than others and there are no set standard of time--what is your agent suggesting, he/she is your best source of advice.
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