HELP?! How long does it take for the bank to accept an offer on a pre-foreclosure home?
Dec 16, 2009 in
Financial and Loan Tips
I put an offer on a pre-foreclosure home. The sellers signed it and were really excited about the offer and passed it onto the bank. I don’t know that much about pre-foreclosures, so how long will it take to find out if I got the house or not?
Yes, I am offering less than owed on the unit.
But I AM offering market value.
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5 comments
budhah1 on December 18, 2009 at 9:19 am
That depends on so many things. My bank used to meet on Tuesday mornings with a board to discuss any unusual cases, like this. I have on occasion had offers in on Monday Approved on Tue, and closed on Friday.
They may also ask you to mortgage with them. But if all back payments and fees brought up to date, there is not much for them to think about.
I think you are not telling us everything, Give the balance and offer. Then we have more to work with. If you are offering less than owed on the unit, it could take a while.
suzieq1007 on December 18, 2009 at 8:00 pm
Could take weeks. They are in no hurry to answer you if your office is low.
Terry S on December 18, 2009 at 8:35 pm
The problem with buying pre-foreclosures is the timetable of the bank.
They have NO incentive to hurry up and look at your offer.
They have hundreds of offers on their properties and they will get to it when they get to it.
Could take weeks, even month, and possibly you will never hear back from them.
Stacie L on December 19, 2009 at 2:06 pm
I am a real estate agent in Michigan, and I had a short sale listing at one time. I listed in right at market value and got several offers on it in the first week, which I promptly submitted to the bank – this was in the first week of June. I kept calling the bank, trying to get a response on any of these offers, and did not have any luck. Finally, a representative from the bank called me to discus the offers – a few days before Halloween. Needless to say, all of the buyers who had offered were long gone. Moral of the story – banks take their sweet @ss time, so don’t hold your breath.
the_hernandez_group on December 22, 2009 at 10:23 am
Just had one that took 60 days.. have heard of them going longer…