How long does it take a buyer to respond to an offer?

Up to 3 days is a standard expiration date in the real estate industry although common courtesy among agents is to respond within 24 to 48 hours.

How is an offer presented on a foreclosed home?

Your offer will be presented to the bank that took back the home when the homeowner could no longer make the payments. A foreclosed home is generally sold in as-is condition, with no seller disclosures provided to the buyer.

What to look for in a Reo foreclosure offer?

Ask your buyer’s agent to find out the bank’s purchase price. Compare that price to the price the bank is asking. Also look at the value of the loans that were once secured to the property. The amount the bank will accept is often somewhere between the original mortgage balance (s) and the foreclosure sale price.

Can a real estate agent knock back an offer?

The agent will have a signed sales agreement with the seller which states the price above which the property is to be sold. If the agent gets an offer at or above that price, they are entitled to commission and their job is done because even if the vendor chooses to knock it back, they have to pay the agent.

How to find out the accepted price for a foreclosure?

Check out the pending sales: Ask your agent to call the listing agents of those pending sales to try to find out the accepted offer price. Some listing agents will share that information and some will not. Look at active listings: Those are most likely the listings other buyers will use to formulate a price.

How does an offer to purchase a foreclosed home work?

Making an offer to purchase a foreclosed home is a bit different from a standard home purchase. Your offer will be presented to the bank that took back the home when the homeowner could no longer make the payments. A foreclosed home is generally sold in as-is condition, with no seller disclosures provided to the buyer.

How long does it take to hear back on a foreclosure offer?

“It often takes a while to hear back when you put in an offer on a bank-owned foreclosure — a week or two, and even longer if the buyer is willing to hang in there,” explains O’Brien.“It takes longer because you’re dealing with a corporation rather than a homeowner.

When to back out of an accepted home offer?

Buying a home is a serious commitment and shouldn’t be taken lightly. If you do need to back out an accepted offer, be upfront with the seller as soon as you’ve made your decision. Work closely with your real estate agent, who can help you communicate to the seller (in writing) why you want to back out.