Question for those who have bought foreclosures

MrsW101109 · August 2011

We just put an offer on a bank owned property this afternoon. How long does it typically take to get a response from the bank who owns the property? I know with actual people sell the property sometimes it takes a while to reach them to negotiate, but how about a bank? Thanks.

I am sure i will become a frequent poster on this board if our offer is accepted! ::fingers crossed:::

Desmond&MollyJones* · August 2011

It took about 1-2 days.

They accepted our offer, then we had an inspection and a few things came up, so we re-negotiated. Ours was being sold AS-IS, but they bank still fixed a few things, so don't be afraid to ask.

Good luck!

Justinlove · August 2011

It took 12 days from our initial offer to final acceptance. We countered several times and each counter took 2 days on average for the bank to respond to (and they do NOT work on weekends nor on Fridays in our case). We were able to get the price down significantly. As with pp, it was "as-is" but we asked for several repairs and they accepted.

x3Harmony534 · August 2011

I think banks are a little slower than a regular seller, but it's not too bad on a foreclosure (WAY longer for a short sale). We asked for a response on either a Thursday or Friday (can't remember) & heard back on Monday. We offered full asking price so there was no countering though.