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Question about time frame for for offer

I put an offer in about a week and a half. It is not a short sale but it is a foreclosure. The listing agent is not my agent so there are 2 different agents handling this I guess. The agent I am working with gave them till today to respond and we still don't have an answer. Is this common on bank owned foreclosure properties??
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February 21 - US
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Answers (2)

Yes, there could be a longer waiting period for a response on a bank foreclosure as opposed to a traditional sale (where the seller is local or easily available).  Often times a bank foreclosed property means that there could be a chain of command (more than one person) that needs to review the offer in order to generate a counter back to you. This waiting period has improved of the past few years however, there could be a backlog of files or "investor approval" needed to go forward on your offer.  Even though you may have put a response time, it may be out of the asset manager's hands at this point.  If you really love this home, you may want to hold on and ask your Realtor to keep the lines of communication open with the listing agent.  Good Luck!
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February 21
Not common but it does happen.  I have worked with several banks. Some will respond within 24 hours and some take over a week.  A lot of it has to do with the specific asset manager assigned to the property and how efficient they are in completing their work.  Just like anything else, some are really good and some should find another job.  Hopefully you will get a response soon.
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February 21
 
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