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How long for response on an offer? Update
Our realtor is putting in an offer on a foreclosure for us this morning. How long does the seller (in this case the bank) usually take before responding?
The home has been on the market for 14 days. Do you think they would take several days to see if there is interest from other buyers, or are they more likely to counter (or accept) and move on with the sale?
Also, our realtor said that with foreclosures there is no renegotiating the price or repairs after the inspection, that the home is sold as is. We can back out if we need to, but otherwise, whatever price we agreed on prior to the inspection sticks. Our off is a little on the low side for this reason. The unknown factor. Do banks usually take that "unknown factor" into consideration?
Update: We got a pretty good counter off this morning. It's close to what we want, but not quite, so we are countering, but even if they don't take it, the present deal is still within what we were willing to pay. I'm trying not to get too excited yet, there is still lots of room for things to fall apart, but it feels like we're making some progress. 
Basically we are agreed on the price, and now it's just a matter of who will pay for closing.
Re: How long for response on an offer? Update