Not sure if this is the right forum for this question but here it goes. I had submitted an offer on a 2-family duplex a month and a half ago and still have not heard back. I have been pre-approved and will be living in one side and the other is already rented out. The duplex is listed with a realtor. The seller basically has no say in what offer can be accepted because its going to be going in to foreclosure if they dont get it sold soon. So in reality the bank is the one that is the one that is saying if the offer is accepted or not. For any of you that have dealt with Foreclosures, is this a normal practice? is it legal to wait over a month after the deadline for them to accept or reject the offer? The list price is about $17000 below what she owes. And what i offered is abot $24,000 below what is owed between her first and second mortgages. I am frustrated with this as my interest rate has risen almost a half percent and are expected to keep going up. What can i do to speed this process up.
Its not rocket science to figure out if your going to accept an offer or not.