Submitted Offer on Duplex

Rehabbing, Fix and Flip, Rental Properties
1

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.

2

That is why when you make an offer you give a time limit in that order, I only give 48 hours. You’ve wasted way too much time.

3

I normally give them 48 hours as well, but since its dealing with the bank, the realtor said we would be wasting our time if we gave them only 48 hours and not at least 7 days, so i gave them 7-10 days. I dont want to walk away from this property because in my opinion it is a steal at what i have offered and we need a place to live since we are renting now. This would make cheaper living than we are paying now since the other side would be paying about 3/4 of the payments. plus i need the tax write-offs. But what i dont want to happen is get beat out on another offer. Ive heard that they have a couple of other offers in but they are not going to submit them until they get an answer on mine.