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Buying a forclosed house

The bank is taking forever to respond to my offer.. my agent has already called them a few times and we have been waiting over a week. Im antsy because I need to move real soon but this is the perfect house. How long should I give the bank before I give up? This isnt a short sale but rather a forclosed house...


Asked by Anonymous at 6:39 AM on Feb. 22, 2009 in Home & Garden

This question is closed.
Answers (4)
  • Well, I know in my area, most foreclosed homes that are not completely trashed by the previous owners go pretty quick. As for the price, I have yet to see one around here go for even 1/2 what it was lost for. My cousin bought a nice house for 60,000 the folks lost it for 140,000 and my friend lost his house for 80,000 and it just sold for 36,000 (less then a month on the market and the first offer made) I think it depends on the area,I would talk to your agent and have your agent tell them you want a response by a certain date or you are going to withdraw your offer. Sometimes it works good to send money with your offer (I think it's a promissary note) then the bank knows you are serious.

    Answer by Anonymous at 9:05 AM on Feb. 23, 2009

  • If the offer has gone past the acceptance length that you dictated in your offer then the offer for contract is no longer valid.

    Answer by MomShawn70 at 8:05 AM on Feb. 22, 2009

  • That is the trouble with foreclosed homes. The bank has no incentive to sell quickly. They'll wait it out for the best possible offer. Often times (depending on the local market), foreclosed homes end up selling for more than a regular house sale.

    Answer by ANGIE409 at 12:45 PM on Feb. 22, 2009

  • Foreclosure sales can take longer, and the bank can be as picky as it wants. They have plenty of assets and this house just adds to their bottom line , even if it does show as a bad loan. My friend bought a foreclosed house... it took 3 months. I hope yours doesn't go that long though. I'd go for less perfect a house and one that closeable (if that's even a word) within your time frame.

    Answer by PaceMyself at 2:52 AM on Feb. 23, 2009