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BOA response time and offer on foreclosed condo?

Hi,

I'm new to the Zillow forums. I have a question about a foreclosed condominium I made an offer on last Friday.

The condo's listing price is $13,900.  Don't let the price fool you -- the condo is absolutely beautiful, just needs minimum cosmetic updates and their are no liens or back taxes/HOA fees to pay.

Because I like it so much, I offered $16,000. My real estate agent informed me that since I would be an owner occupant, am paying in cash and offered above listing price, it is a very aggressive offer. However, two offers have been placed since then and because the condo is so nice, I bet it will increase in the coming days.

I have two questions: Is the bid appealing?  I hear people try to lowball on foreclosures, so part of me is hoping the other offers are way lower than mine/from an investor/someone looking to finance.

Also, how long does it take BOA (who owns the condo) to respond? My agent put a closing date of Oct. 31, 2012 on my offer.

Please forgive me if I'm all over the place, and thank you in advance to those who answer.
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October 09 2012 - US
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Answers (2)

Best Answer
This sounds like it might be a great offer. I would have done the same thing if I was in your place or representing you. The agent is also not allowed to tell what the other offers were, so there is no telling if they are coming in high like you or lowballers.  Because you are owner occ, offering cash and higher than asking it is a strong offer.  AND - if possible, if there is a counter offer, make a much stronger Earnest money deposit - like half the price $8k or maybe full offer at $16k.  You should have time to close, but once you get an answer which should take 3-5 days, the bank will set another closing date in the future most likely.  I have only closed one BOFA deal on time and without struggle this year out of 3 deals.  One time the buyers signed docs and then had to come back in and sign again because BOFA didnt get to the final approval of closing paperwork in time for that day. That being said - you have to have patience to get a deal!  
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October 09 2012
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Thank you, Ethan.

Patience really is a virtue as a buyer.

I'm a bit jaded because back in May, I made an offer on a short sale home, also being handled by BOA. To my knowledge, I was the only person to make an offer on the home. I went months without a response; all the while, my former agent assured me that the process was going well. The listing was removed in late July, and though I had not been given an official "okay" that the offer was accepted, I saw it as a good sign.

Turns out, the listing was removed because the house had gone into foreclosure and was purchased by Fannie Mae. The agent did not inform me of this until I pressed her about it, and she finally came clean in late August and said the home was not available.

I have been looking for a property to purchase since March and I am at my wit's end. If this doesn't go through, I think I will steer clear of both REO's and short sales.
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