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Not response on REO offer in a week

My wife and I put in what we thought was a decent offer on a REO. Actually I thought it should have been less but my wife really likes it so we uped it to encourage the bank.

We submitted the offer Sunday afternoon and here it is Friday and there has been no response at all from the bank. My agent thas been checking daily and the asnwer is always the same... "Not Yet".

Is this a sign that the bank does not like our offer? Our offer is the only offer on the house so could this be the bank wanting to wait and start a bidding war?
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May 25 2012 - US
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9 weeks and counting
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July 31 2012
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Update 7: 8 weeks and no word.

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July 23 2012
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FInally some more info. I was told today that the hold up was due to a software glitch atthe freddie Mac website. That my contract and the others submitted on that day have been stuck.

Hopefully hings will move along now.
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July 12 2012
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Update Part 5: 6 weeks and nothing.
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July 11 2012
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Update Part 4: Almost 5 weeks and no word from the bank at all. I wrote an email last week demanding that someone tell me something concrete besides, "It's coming soon" or " We'll get it this week for sure" Well, predictably I didn't get anythinc concrete out of them but I did find out that they have to comunicate with the bank through a website and there is no direct contact with a real person. So nobody has any idea what is going on at all. I don't think anyone even knows if our contract is on anyone desk at all...

the wait continues.......

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July 02 2012
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Update Part 3: This wednsday will be 4 weeks with no addendums. Every week we are told it's coming that week and then .....

The contract states that they want to close Jully 15th but that isn't going to happen since they dragged their feet for a month. I guess we will have to change that... I guess that means they will have to approve the change? I wonder how many weeks that will add. haha.
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June 25 2012
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UPDATE Part 2:

It has now been two weeks and no addendums sent.

Agent had a talk with listing agent and the bank is being slow on multiple properties. I think everyone is getting a bit fustrated.
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June 15 2012
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Thanks for the update. It looks like your persistence and patience have paid off so far. The wheels can turn slowly, but if it is listed as pending and you have a signed offer, you should be in good shape. Fingers crossed for you...
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June 08 2012
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UPDATE:

We recieved an counter offer on the Friday I originally wote this email.
It was a harsh one, they countered at a higher price and demanded we pay all of the closing.

We countered the same day at a little higher price than original and asked them to pay 6k in closing. We told them it was our final offer.

THe next Wednesday they countered our final offer. THis time they offered a price that was UNDER what we offered and them pay 3% of price on closing...... we jumped on it and accepted.

I was told on the following friday that they where sending addendums for us to sign.....

Here it is a week later and no addendums. When we do sign them we have to wait for them to sign them as well before we can do an inspection.

At the current pace it will be a week after we sign.... so all in all it will take us over a month to get an executed contract...

I guess the good news is that the house is listed as pending...

I know I should be glad its not a short sale but the waitng is getting fustrating especially because we are waiting on what should be boiler plate addendums.


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June 08 2012
easiest way to find out really will be your agent specificially asking the listing agent how the process is and how long it usually takes. I'm surprised he/she didnt give you a more clear answer.

I always ask a listing agent how long the bank/case manager etc. takes to respond, what to expect, if there are multiple offers, what is usual timing, is there a wait period. (which is always mentioned in the listing, at least in WA state) etc. It shouldn't be hard to find out, but your agent needs to ask these questions to get the answer.

Ask your agent to ask more specific questions concerning time frame and standard process and you should get a more clarifying answer so you are not just in the waiting game not knowing what is going on or happening.

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May 28 2012
There may be a waiting period before the seller reviews the offers if the property is newly on the market. Sometimes the seller will not review offers for the first 7 days, if there are multiple offers it may take several days to get a response of a counter offer or request for highest and best.
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May 28 2012
This could mean nothing and many  things.  There might be more than ine institution involved and many  levels of approval.  How large is the owner if they own a lot of properties then it will take longer.   I will say that probably tejections are anwer faster than good offers.
Another factor is the long holiday, many people take off. wait some more time! Best of luck to you!
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May 25 2012
I wouldn't take it as anything except that the "right" person has yet to see your offer. These REO properties take time.
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May 25 2012
Sometimes during the offer process several different managers have to get involved to make a decision.  If it is a 3rd party handling the assets of the Mortgage company they have to go to the bank to have the decision made to accept, decline or counter offer.  I hope this was helpful.
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May 25 2012
 
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