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Asked by Lindasmith2006, Charlotte, NC Wed Jul 29, 2009

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Theresa Wack…, Agent, Yorktown, VA
Wed Jul 29, 2009
The bank has the rights to the house. It does not matter if your offer was in prior to another offer being sent fourth. Until an offer is accepted the bank can continue to review any offers that are submitted. There are not any set rules on how long they have to decline, accept, or reject an offer. You could have an answer in 2 days or 2 months. Just recently I submitted an offer for a client for a home that was a short sale. The listing agent sent the offer to the representative at the bank. The representative decided to go on vacation and not send our offer up. Three weeks went by and I continued to call the listing agent and the listing agent continued to call the representative. No response until...I phoned one day to simply state that we either needed to continue fourth or pull our offer. The owner of the property was able to get in contact with the represenative....they conferenceed called the agent..and...when the agent was opening her emails while on the phone with the representative noticed that there was another offer setting there in her box for the same property that we had placed an offer on three weeks prior. My clients did not get the home because the representative never had submitted the offer up to the investors to make the decision...and now there was a better offer on the table...and the represenative chose to submit the new, if she had did her job and submitted the offer when she was suppose to our offer would had more than likely been accepted because there was no other offer on the table. There was nothing we could do.
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Lindasmith20…, Home Buyer, Charlotte, NC
Wed Jul 29, 2009
Well from what I know the bank has 6 cases ahead of us and we are awaiting a answer either Friday or Monday. This new bid came in on Friday. I am not sure how it works when the seller signs and agrees to a offer and then another offer comes in after they have been working on mine. I wasnt sure if they use my offer sence it was excepted from seller and the others become reserves or what. The bank we are working with is National City.
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sara rich, Agent, Charlotte, NC
Wed Jul 29, 2009
Dear Linda,

I am specializing in listing short sales and am training a company that has been doing these far longer than I, They say that the average time for getting an answer back from a bank if they receive all the paperwork that they need is 44 days. If the listing agent has turned in all the paperwork that the bank need to make an educated decision, that is the average number of days. You know that with an average the time could be a lot less and it could be a lot more. I wouldn't stress about it yet. Keep in touch with the agents and ask if they have contacted the lienholder's negotiator to see if all of the paperwork is there. Then hang on. You will probably get a great deal but it does take patience. I know that it is hard.

Have a blessed day!

Sara Rich
Rich Properties
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Shirley Kell…, Agent, Waynesville, NC
Wed Jul 29, 2009
Linda - yes, Elizabeth is right. They may be waiting for a few bids in order to take the best one. Your agent should be able to talk to the bank and see what their plans are - especially since the sellers signed your offer!
Web Reference:
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Elizabeth He…, Agent, Agawam, MA
Wed Jul 29, 2009
If your offer was submitted to the bank first and they're working on it, I would believe that you have first dibs on the property unless the bank is asking for multiple bids to be submitted for consideration. In that case the bank will make the final approval regarding which bid to accept.
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