A client asks:
I really appreciate all the information. I have a question that sort of sneaks in between the other FAQ's though. How long is the longest that a bank will keep you waiting before making a decision if there are multiple offers submitted on a foreclosure? I mean, how long CAN they keep you waiting, I guess?
Before we answer, let's clarify between short-sales and foreclosures. The response time is quite different, as we've previously stated. Assuming a foreclosure, the amount of time the bank takes to respond depends heavily on how good it perceives the offer to be. The bank might sit on a super low-ball offer for several weeks (or longer), hoping to get a higher offer in. We've had situations where the bank simply never responded at all. If it perceives the offer to be good, or if the property has been listed for a long time and the bank is anxious to sell, they will often respond within 48 hours. Remember - technically an offer is valid until it has been countered, ratified or withdrawn by the buyer.