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We were given a verbal counter offer from the bank and sent in a new contract accepting those terms on the 11th. We still have not heard a response and am wondering if this was normal or if they are waiting for other offers or if the agent is shady?
We are listing a REO and we have had two cash offers submitted for two weeks now and no word from the bank. I bet we will lose both buyers. They seem to move at glacial speed.
Some banks use an automatic system so you have a verbal acceptance from the agent based on the computer printout. Someone high up in the chain has to actually sign off on the offers.
Typically you get a copy of the computer email acceptance or the agent stamps the offer in the acceptance area, "subject to final management approval." Then the agent overnights the offer with the original sigs to the lender who then sends it up the chain.
It just really depends on what bank it is and what their internal system is. I would call the listing agent and ask for a copy of something indicating that you have initial acceptance of the offer from the bank.
I am assuming that this is an REO and not a short sale. If it's a short sale then be prepared to wait.
A verbal means precisely nothing in this business.
We had a short sale get
1) A signed approval from the seller &
2) A verbal approval from the bank.
2 months later, we got a written "Rejected" from the bank. As far as we know, they didn't even get another offer, they just decided not to take this one for an unknown reason.
We got a verbal acceptance from the bank, and then waited 3 months for signatures. There was no reason for the wait, and we did finally close, but DO NOT let your clients give up their current living situation based on a verbal. My client thought it was safe to give 2 months notice... it wasn't. She ended up staying with relatives for a bit!
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