if I willing to pay cash for a house why the bank take long to make the decision after we made offer

  • September 15 2009 - Titusville
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Answers (3)

Best Answer

Everyone knows cash is king especially when buying a foreclosure.. The bank will evaluate the offer, look at how long till closing, if your asking for any concessions and ultimately how much is owed and how large of a loss they(bank) may have to take. Plus their REO department may be backed up with lots of other contracts on there foreclosures. Most banks laid off personnel last fall/winter when the economy was really hurting. So they are trying to hire and handle the large volume of short sales and foreclosures coming. Basically comes down to if you wrote a fair offer and its been a week or so and no word, they are reviewing your offer,and should let you know soon. If they flat out rejected your offer you should know buy now. Contact me with any questions.
  • September 15 2009
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thank you for the answers... I leraned a lot from both answered thank you again
  • September 15 2009
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Profile picture for agentblu15
I'm guessing you're referring to a short sale or foreclosure property?

If so, there is a lot of "behind the scenes" stuff that goes on with the bank when they are deciding when to sell, and who to sell to.  They may be waiting to see if other offers come in, or they may already have other offers that they have countered and are waiting to see if those buyers respond.  Or, they may have received a higher offer that involves financing, and they are waiting to see if the financing is approved.  Or, the property may still be within the period where the original owner can pay off their debts, so the bank is delaying while they wait to see if the owner pays up.

In general, the foreclosure/short sale process is LONG and tedious for buyers, and you're kept in the dark for a lot of it.  If you want to know what the delay is, or what you're waiting for, speak with your contact at the bank that you made the offer to, and ask them where you're at in the process, and ask for a timeframe for their response.
  • September 15 2009
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