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Forclosure Offer

I know that often when you put an offer on a banked owned property, it can take time to hear back. We are working on a time limit... so can we include a time limit for a response from the bank in our offer or will that just get us ignored?

 We are in the position to have no contingencies included in our offer, but have already waited out a short sale and need to get into a home sooner rather than later.
  • August 16 2013 - US
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Answers (2)

If there are competing offers that are similar to your offer, the bank will most likely accept the offer with the fewest conditions.

Unlike short sales, the approval of bank owned sales is relatively quick. They will often verbally accept your offer rather quickly. Sometimes though, getting the physical signed contract can take longer. But once you receive the contract, they will expect YOU to move quickly.

Personally, I would include an inspection contingency. If defects are found, the bank is unlikely to make repairs and might not reduce the price (excepting for large unseen defects). But if expensive defects are found, this would allow you to exit the contract. The bank doesn't mind if you have an inspection. They're more concerned with financing (cash is king) and how quickly you can close. They want troubled assets off the books ASAP.
  • August 16 2013
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In my experience banks typically respond pretty quickly. I am not sure what state you are in, but ask your Realtor if there is a way to write in a timeline on your offer.
  • August 16 2013
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