How long do I have to wait to see if my offer was accepted? (foreclosure, agent)

[angrygreenfraggle]

Hi everyone!! Recently I made an offer on a forclosure. I'm a VA buyer and was told by my realtor to submit my final and best offer, there were 3 other offers by the way. I was given a deadline, Easter sunday to submit my offer. The seller stated she would submit the offer to the assesment manager monday morning. Now it's Wendsay and I still haven't heard anything. My realtor emailed the seller today and no response, is this a bad sign? This waiting is awful!!!!!
I actually submitted an offer last Monday and was told there was a high chance I'd get the house because at that time there was only one other very low offer on the house. The seller said she would probably let me know last tuesday (a day later) if my offer was accepted, then day's past, and I had my realtor talk with the seller and she stated to me that she was waiting to here back form the asset manager. On thursday she said there was still no offers, then all of a sudden friday rolls around and the seller stated to my realtor that there are now two new offers and I needed to submit my best and final offer. Any advice would be great!
Thanks

[nfdsouza2001]

Unfortunately you have to wait. I waited for a while. As a Realtor I personally visited the listing agent with cookies to expedite the process. My client was able to close on time in about six weeks.

[raleighkc]

When I submitted an offer for the Freddie Mac (FM) foreclosure I bought back in March, I had to wait 1.5 weeks on the first offer, then another week on the counter offer. The realtor representing FM was in constant contact with my realtor, it was just that FM was the one taking so long. And they did that final and best offer thing too, I just went back with a slightly higher offer (started at $40k on a $56k list price, closed at $45k). Don't go above what YOU want to pay. There will always be another house.

[angrygreenfraggle]

thanks for the advice, it's just this whole process is so much more stressful than I had originally thought. Some people say they had to make different offers for different houses because they kept getting shot down, I can't imagine going through this process several times.

[Lacerta]

There are two answers to your question.

First answer, you don't have to wait at all. If they don't answer in a timely manner, you can withdraw your offer and find another house to look at.

Second answer, if you want to stay in the running, and see if your offer is the best one and they are willing to sell the house to you, then you wait as long as it takes for them to make that decision. Even if there is an expiration date on your contract, they may ignore it, figuring you will either stay in or you won't, since they have multiple offers, you aren't in the driver's seat on that right now.

[angrygreenfraggle]

Your right, I will have to decide if I want to pull out. I think I will give it till monday.

[JohnHAdams]

I'm in a similar boat. Made offer on Monday morning. Now waiting. And waiting.

[angrygreenfraggle]

Well I feel for you, I hope you get the house. I just found out I lost the one I wanted. What a bummer. Just found out like an hour ago. This whole house thing adds so much stress I never thought it would be this stressfull!

[chicagojlo]

We're waiting to hear about our offer submitted last night. We're buying a neighboring unit to the one we currently rent, so if we don't get it we'll just stay where we are. There is another unit for sale but it was a cheap rehab following significant water damage and I don't have much faith in the crew that did it after having watched them at work last summer.

[Java378]

Takes my family about a week.

2 days to get together on it.

1 day to call back.

Another day to get the singed contract back.

And yes, we give phone calls immediately if one member rejects.