Profile picture for s13z

How long does it take to know if your offer is accepted or not?

 I recently put an offer in on a forclosured home.  It said in the paper work that seller had until a specific date to accept/reject offer.  But that date has passed.  How long does it usually take if it is a forclosure?
  • March 16 2009 - US
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Answers (7)

Profile picture for Jeff.Knox
It can take a while to hear back on foreclosures.  Remember, you're not dealing with a true seller.  You are dealing with a bank where they have zero attachment to that home.  Truthfully, the file manager at the bank couldn't care less if you buy that home.  You are simply a number to them.  

That being said, if your offer gets accepted, it should be a pretty easy deal in the end.  

One word of warning... banks will NOT repair about 99% of "faults" with the home.  Foreclosures are mostly sold "as is."  Have a good, in-depth home inspection and make sure that any problems with the home are problems you are willing to repair on your own after you close.
  • February 24
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Profile picture for jennifermoreira
Omg!!!! I just put in offer yesterday, ( foreclosed home) I'm so stressed out already!!!!!!!!! It's been two days now!!!! Waiting to work in making my dream home!!!!
  • February 24
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I am dealing with one right now that was a cash deal, full price offer and the bank too 3 weeks past our deadline to accept the offer.  The buyer was furious but is hanging in there...knock on wood!

Here's some tips that may help:

[self-promotional post, removed by moderator]

Good luck and hang in there!

:) PS

  • March 18 2009
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Yes, dealing with banks can be frustrating. Have your agent call the list agent to see where your offer stands.  The banks are listing the properties at a price that will generally get multiple offers.  If you are not the highest you may never hear back, some banks will counter everyone to submit highest and best, others just go with the highest.  If you are the highest the list agent will normally send an addendum to you to sign that spells out the deal and many times changes things so read carefully.  Once the list agent gets the signed addendum back from you it then goes to the seller for signatures which can be 3-7 days, depending on the lender.  Hang in there!
  • March 18 2009
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There is no "usually"- every foreclosure is different.

  • March 18 2009
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Profile picture for sunnyview
Dealing with banks can definitely be frustrating for everyone. A lot of hoops to jump through and the sound of crickets can be deafening while you wait.
  • March 18 2009
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Profile picture for theflanigans

The day after we submitted our offer on a foreclosure, we received an email saying it would take 5-7 days. 3 days later we received an email saying it would take 7-10 days more. So, we're still waiting. You may want to ask the seller to confirm receipt of offer or inform them you withdraw your offer if you are no longer interested. (Just another frustrated buyer)

  • March 18 2009
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