Zillow Advice: Buying a Foreclosure - Not response on REO offer in a week http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ Zillow Advice | Zillow Real Estate 9 weeks and counting http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 9 weeks and counting Tue, 31 Jul 2012 17:56:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-07-31T17:56:00Z Update 7: 8 weeks and no ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ <p>Update 7: 8 weeks and no word.</p> Mon, 23 Jul 2012 18:37:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-07-23T18:37:00Z FInally some more info. I ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 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. <br/><br/>Hopefully hings will move along now. Thu, 12 Jul 2012 23:25:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-07-12T23:25:00Z Update Part 5:&nbsp;6 weeks ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ Update Part 5:&nbsp;6 weeks and nothing. Wed, 11 Jul 2012 21:47:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-07-11T21:47:00Z Update Part 4: Almost 5 weeks ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ <p>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...<br/><br/>the wait continues.......</p> Mon, 02 Jul 2012 21:36:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-07-02T21:36:00Z Update Part 3: This wednsday ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ Update Part 3: This wednsday will be 4 weeks with no addendums. Every week we are told it's coming that week and then .....<br/><br/>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. Mon, 25 Jun 2012 17:39:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-06-25T17:39:00Z UPDATE Part 2:It has now ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ UPDATE Part 2:<br/><br/>It has now been two weeks and no addendums sent.<br/><br/>Agent had a talk with listing agent and the bank is being slow on multiple properties. I think everyone is getting a bit fustrated. Fri, 15 Jun 2012 17:49:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-06-15T17:49:00Z Thanks for the update. It ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 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... Fri, 08 Jun 2012 16:19:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-06-08T16:19:00Z UPDATE:We recieved an counter ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ UPDATE:<br/><br/>We recieved an counter offer on the Friday I originally wote this email.<br/>It was a harsh one, they countered at a higher price and demanded we pay all of the closing.<br/><br/>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.<br/><br/>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.<br/><br/>I was told on the following friday that they where sending addendums for us to sign.....<br/><br/>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.<br/><br/>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...<br/><br/>I guess the good news is that the house is listed as pending...<br/><br/>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.<br/><br/><br/> Fri, 08 Jun 2012 16:15:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-06-08T16:15:00Z easiest way to find out really ... http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 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.<br/><br/>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. <br/><br/>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. <br/><br/> Mon, 28 May 2012 19:45:00 GMT http://www.zillow.com/advice-thread/Not-response-on-REO-offer-in-a-week/444271/ 2012-05-28T19:45:00Z