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Made offer on a house when will bank respond?

We put an offer on the house (bank owned foreclosure) Sunday night, then on Tue we found out it was a multiple offer situation. Someone had put an offer down so we went back to the office and revised our offer Tue Night. How long does it normally take a bank to respond in this type of situation? Thanks so much!

Public Comments

1. They will usually collect offers for at least a week, but maybe for a month. They do not always respond to offers they reject.
2. It could be a week or more. Banks expect and are getting multiple offers, so they are waiting for the best one. I hope your offer contain a date for acceptance. That's the date by which the seller must respond or you can withdraw your offer. If your offer didn't contain a date for accetpance then you should withdraw it immediately and submit another. Why? The bank could come back a month or two from you and sign your offer. Your don't want to wait that long. By the way, if they send you a counter offer it won't be signed, so even if you sign it the seller the seller still isn't obligated. I speak from recent experience. realtor.sailor
3. Some lenders take a long time. You should put in your offer that this offer expires 2 weeks, 1 month from the date of submission or whatever date you select. This will give you a chance to move on and not be held up by the banks inaction. Don't let your real estate agent talk you out of this as some banks/lenders wait for as long as 35-40 days. You should let them know that your time is just a valuable as theirs. So when I am doing business with anyone I will not allow them to tie me up with their inaction. I would not get into a bidding war with them either, there are too many empty houses on the market. So if someone else made a better offer then perhaps you should do your home work. Find out what the houses are going for in that neighborhood, any potential damages that might need to be taken care of. If there are damages they need to be pointed out and addressed in your offer and your offer price should reflect those damages. I hope this has been of some use to you, good luck. "FIGHT ON"
4. Not sure, but there was one house we put an offer on and was told 3 other people have an offer in as well. We then withdrew our offer and have found a new house. With the new house it took a week to get the offer back. (now in preparation for closing...lots of BS involved). Anyway, the 1st house we put on offer on is still on the market. I think that bank/seller is waiting for the highest offer. We looked at the house 2 months ago... Good luck and always put in a date your offer expires.