making an offer (bank owned, short sale, foreclosures)

[Gmarie0578]

I was wondering when you make and offer on a house how long does the bank have to respond? I also wanted to know if during that wait time someone else makes an offer how does the bank handle the two offers?

[Dreaming of Hawaii]

We have some great realtors on this forum who could probably give you some good advice (I am NOT a realtor). My question to you is, do you have a realtor representing you? You mentioned the bank handling offers rather than a realtor; is the house in foreclosure? You should probably have a realtor representing you because they would be the middle-man/woman in negotiating your offers and making sure that yours gets chosen if there are multiple offers.

[TropicanaRose]

Banks can take a long, long, long time to respond. Over a month. Or they can just not respond. They are so overwhelmed with foreclosures at the moment that often they can't even "find" their own properties. DH was looking at a particular flip possibility but the bank, who had owned the property for over six months, could not find a single record. It wasn't worth the hassle. DH is pretty much out of RE now and has been for some time (thank goodness), but I know that he always put expirations in his offers. Also, even though he's bought and sold more than his fair share and probably knows more about RE than most, he always uses a realtor or an attorney. He made the mistake of going solo once and it did not go well.

[bhcompy]

i went after 2 foreclosed/pre-foreclosure properties in the denver area. one of them was very fast(a trust had taken over the sale proceedings) and one of them was extremely slow(traditional bank) taking a few weeks to respond to our offer and counters. very frustrating at times

[2bindenver]

Listen I could tell you stories (true stories) that would make a grown man cry:

I am working on some for more than 3 months - one the lender mistakenly put in the file "buyer walked" and they didn't! The deal would be cash! So even though we called twice a week for a month saying no, it was an error, they still haven't ordered an appraisal!

On another the lender said they needed an offer for $120k or more before it would get to a negotiator - that's really funny I said - the original loan amount is only $74,000 and there is no second.

Would you like me to continue???

PM me and tell me the lenders name and if it is a foreclosed bank owned or a short sale - I might be able to give you some info.