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An answer for Patricia – waiting (and waiting) for an answer on an offer to purchase a bank owned home

December 22nd, 2008 · No Comments · macomb county mi real estate market, tips for home buyers, tips for purchasing a foreclosure

Kris Wales a Macomb County MI real estate agentOne of the features of this blog is that a reader can ask a question or leave a comment without having to log in and subscribe. Recently a potential home buyer named Patricia asked a question that many people have been asking:

“I have an offer in on a bank house now and its been 3 weeks. How long should we have to wait for?”

Patricia, there really is no set time frame to expect a response from the bank (or asset manager for the bank).  I have had buyer clients receive a response in 24 hours  (this is rare) and have also had some clients grow a full beard while waiting for an answer.

How long should you have to wait? Only you can judge your patience level.

If the home is exactly what you want and you don’t believe there is another one like it that will meet and exceed your expectations and desires then wait it out.   Keep in mind though that your buyers agent should be calling the agent that represents the bank for updates. (Did other offers arrive?  Has a contact from the bank been assigned?  In their experience what is “normal” procedure for this bank?)

On the other hand, if you are becoming so frustrated by the lack of response and have a time frame that needs to be met (interest rate lock or apartment lease that is expiring) go back out there and find Plan B.    Until your offer to purchase has been accepted and signed you can withdraw the offer.

Good luck to you Patricia, and I hope you hear something very soon.

~Kris Wales~

A Macomb County MI real estate agent

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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.