Upcoming Foreclosures

How long does it normally take a bank to respond to an offer on a foreclosure?

I gave a best and final offer on a foreclosure home in Georgia three weeks ago. I know that the offer went from me to my agent to the listing agent to Fidelity National Asset Management Group and then to Chase REO Bank. In fact the asset manager thought it was taking so long he submitted it twice. Is there anything I can do to speed up this process? There are many other things I would like to do but cant get started until I know exactly where I stand with this. Is there a specific reason why the bank would sit on my offer for so long when the other two offers I had given were responded to within 48 hours?

Public Comments

1. They tossed it.
2. Last summer, I waited over 30 days to even get an acknowledgement that the bank received my offer. With all of the foreclosures, short sales, etc., you just need to be patient, especially with the larger lending institutions. It might take up to 45-60 days to hear anything. Hopefully, all of your papaerwork was in order.
3. No there isn't anything you can do to speed up the process. But you have the right to withdraw your offer at this point. There is no reason it should take them more than a few days to process. They are setting you up to ask for more.