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I placed an offer on a bank owned home on Dec22,2008. We haven't heard anything yet from the banks. Could it be because it's the holiday while the wait could be long. I thought it takes 1-2 days. Does any one have an idea? I think i am so eager
First, I would not be surprised if it was after the 2nd before they respond, and possible the following week due to the holidays.
As far as REO goes, it is a shot in the dark to guess how long they will take. Each bank has it's own process to unload the poperties. Some have an open bidding time and they will hold out to wait to see if another bid comes in, some have a first come first serve take on it and just want to unload the deal, and some have limited people dealing with it so they may have a 2 week to 1 month backlog before they even look at your file. It took us 6 weeks from the initial bid, a couple rounds of bartering, and some threatening on our part to walk away to get a signed sales contract.