Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Response time on multiple offers
Is it okay to put a response time contingency when submitting an offer on a bank-owned home that is in a multiple offer situation? For instance, bank has 48 hours to respond, etc. or do you think this could hurt our offer in anyway due to the other offers in question?
I'm wondering because we have been screwed on past multiple offer situations mainly due to the bank having all the time in the world to work with other offers. However, I don't want to put a response restriction if it could somehow hurt our chances given that banks work differently then traditional sellers. BTW, we are putting in a very solid offer over asking price with no closing cost assistance. Any thoughts would be appreciated.
TIA!
Re: Response time on multiple offers
If it's bank owned, I wouldn't put in a contingency.. Short sale yes, Bank Owned, no... Banks what the offers as clean as possible. The generally get back to you pretty quickly. Most of the offers are submitted via a computer system now and the bank literally clicks yes, no, counters, etc. I know in Minnesota, it's pretty common that bank owned properties will take no offers the first 0-9 days, owner occupied offers 9-12 and then investors 12+.. They want real people living in the house first, not someone who is going to flip it or rent it out...
HTH!