Hey guys - taking the first step towards flipping and the first property that made sense was an REO. Broker made a note that BEST AND FINAL was due by a certain date so I submitted accordingly. I think I have a strong offer:
- I went 4K over asking (it made sense based on comps)
- cash offer
- 3 weeks closing
- inspection limited to environmental and structural issues
It’s been a week and my offer is still under review. I know it might take a while with REOs but how long is a while? Thank you!
Could be tomorrow, could be months later. Just had an reo offer recently sit for 2 months before a response.
@Russell Brazil Wow, and was the offer accepted after 2 months?
@Russell Brazil thanks for your response. Now I can set my expectations accordingly..
Why dont you reach out to the listing agent. Often times they can give you some insight on what's going on such as they're negotiating with another party or to the least clear up the mystery that the bank is responding at all.
Conversely I have had them answer in two hours and accepted another offer the next day. Having a little human contact in this situation would be very useful.
@Lien Vuong I tried! Called several times but he didn’t pick up and his mailbox is full. I sent an email 2 days ago and still nothing.. I guess I’ll keep trying..
And that’s awesome that your offer was accepted so quickly!
Can you try his office number? Like his brokerage? A lot of times they have a designated "do not pick up' REO phone number but they will be reachable with something else. Worth a shot!
I'm going through the same thing. The REO bank is full of people who do not know what they're doing. It just takes a while.
If there are not other offers, you'll usually know within 1-5 days. If more offers keep coming in, that could extend the decision time. 2 months is not common and probably the listing agent just messed up somewhere.