How long should I give a bank to respond to an offer?
Depends on the seller. Some must get, not only manager approval, but committee approval.
1 day in unrealistic. Generally 2-7 days.
Best thing to do is ask the listing agent. Many times the listing in the MLS tells how long the bank needs to respond to offers.
I am seeing as long as 30 days in most cases here in SE MI. I am not waiting around for them to answer and just continue to write offers. I have roughly 10 different offers out there right now some as new as a day and some as old as 45. The banks do not care about expiration date. They also don’t care if you try to play hardball with them. It’ doesn’t matter. I have gone as far as to add to my contract that "this offer to purchase has an expiration date, if an acceptance, counter or other can not be obtained within 48 hours of recept this offer shall be considered null and void. That has not helped. They just don’t care. The problem is there are so many $0 down loans 80/20 what ever you want to call them a homeowner looking at foreclosure really has nothing to loose. They do not have equity invested so they walk. The bank is left with a house that was probably mortgaged above real value anyway which is the banks fault. But never the less add on foreclosure fees etc and the bank is left with a debt that is higher than they could ever dream for getting for that property. Add to it also that the former owner trashes the house on the way out. So your left with a house priced at market values or very slighltly under and the bank is holding firm with that. Here in MI there are suckers out there and a lot of them that are paying these prices for these “fixer uppers”. So they purcase at MV spend 20, 30 40k to fix up and they are left with an over valued home again. So down the road when they can’t sell for what they have in to it the whole cycle starts again. It’s a joke. I am having a great deal of difficulty getting any offers through on bank owned home right now. In fact 3 months have written 21 offers and not a one has been accepted. I’ve had some rejections some unreasonable counter offers but no acceptance. I keep on keepin on and will hit pay dirt here before too long but thats the marekt here in beautiful SE Michigan. #2 Forclosure capital of the country. Any inside info on how to deal with these banks would be appreciated