We put an offer in on a quadplex in foreclosure that was being advertised as a single family home due to falling out of the grandfather clause of non conforming use. The property was on the market for months. We found a loop home with our planning department and put a full price offer on the property on Thursday. How long should it take to get the accepted offer or counter offer from the bank?
It usually depends on the bank that owns it, however if it was on market the listing agent should be in contact with the bank (their client) and be able to give you a better idea of time frame. If you used a Realtor you can ask them to ask the listing agent to get an estimate on response time.
Thank you Arron! I've been in contact with my agent multiple times since Friday. He's young but works under his mom who is the broker. Everytime I speak or text message my agent it's " we should be getting it by ______. " Yesterday he said that we should have it by lunch today.
I just want to call the listen agent myself.
We're trying to close on or before December 1st. My banker, attorney, home inspection and land surveyor are ready to move forward. The appraisal will need to be ordered soon if we want to closed on Dec 1st.
It sounds like your agent is actually contacting the listing agent and being told that they will have it soon and it is the bank dragging their feet. Especially with short time frames like that I have been in similar scenarios where I pass what the listing agent has told me along to my clients and it ends up taking a bit longer.
First be aware that bank asset managers do not work on the weekends. So weekends area a dead time for communication on REOs. Also be aware that the listing agent will have almost nothing to do with how fast it proceeds. In many instances, the listing agent doesnt even act as a vehicle of communication on an REO. They are just listing the property, and taking care of it, while the bank asset manager is communicating through some online portal.
The bank is likely to sit on your offer til they receive a 2nd offer, and will then call for highest and best offers.
Thank you for your help!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing