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Since August 2009
Then there is no reason for an answer to take "several weeks". If you have an agent of your own then he/she must be persistant in asking for updates. Not to the point of being a pest but every two days or so.
If you are working direct with the agent, you can do the bugging.
Unless one is offering a terribly low offer banks are usually responding in 2 days to a week or so. And an offer within 5% would be considered serious.
Good luck.
Is this actually a bank owned property or is this a short sale situation? The timeframe is very different. If it is truly a bank owned property (bank has title and possession) the answer process typically only takes a few days. Worst case I have seen is about 2-3 weeks and that was unusual circumstances.
I have worked with WAMU as a listing agent many times. They have always responded fairly quickly on bank owned properties.
Now if this is a short sale then, yes, the process can be a couple of months. But in that case the bank does not own the property yet. It is still in the foreclosure process.
Could you clarify the situation?
Steele V. Propp
Foreclosure Specialist
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Buying bank-owned...How long does it take...and why?
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