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Typical wait time for an answer from bank after 'Highest and Best Offer'

My husband and I have been searching for a few months now for a home and FINALLY found it. It listed this past Thursday and we put our first offer in on Thursday. By Friday it was in a multiple offer situation. And we upped our price by 17,000 over asking with a $2000 earnest. The highest and best had to be in by Sunday. Now, we sit and wait. I should add this is a Freddie Mac first look, so currently I'm not competing with investors. Should we expect an answer by this weekend?
  • April 24 2012 - US
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Answers (4)

Profile picture for user151036
Just went through this....first offer took about 4 days to hear back then they asked for highest and best.  Took 6 days to hear back but that is counting the weekend.  Now let me tell you the strangest thing!  WIth highest and best I offered 5000 over list and took out all contingencies except finance.  They accepted, I was excited!  Today I went to my agent to sign the accepted contract and sign addendums from freddie mac.  Well.....The contract was for my original offer price which was under list AND freddie mac gave me 4470 towards closing!  I was blown away...not sure why but is signed deal now.  Good luck wish you much luck!
  • April 26 2012
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The bank could accept one of the offers or reject them all. They could allow the First Look initiative 14 day waiting period to expire in the hope that investors would pay more (not likely).

Sometimes when a bank decides to pursue one offer over another, they may not contact the agents with the other offers. It's incumbent on your agent to check the Freddie Mac website to determine the status of a property.
  • April 24 2012
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Profile picture for Ofe Polack
Ryan is right on the spot!  Don't get too emotional or you will end up overpaying for the property.  Nothing beats a short closing, cash offer without any contingencies, of course the banks love those offers.  You have done your best and highest, now sit tight and wait.  And....if you do not get this one, there will be a better one in your horizon...!
  • April 24 2012
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Possibly.  Don't put it past the banks to let things drag past the time to allow investors to throw in their cash offers.  I'm not assuming your offer isn't cash, but they may just want to see what else they will get.  I've seen banks take cash offers lower than financed offers quite often.  That said, focus on what you can afford and what you feel is a fair price for the home.  Don't get too emotional because that's how you'll end up paying too much as the market still tries to find it's stability.  Yes, that's still happening even with the lower prices.

Ryan
  • April 24 2012
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