How long can it take to get an answer back on an offer for an REO from Chase Bank?We made an offer on an REO property at the asking price, but with concessions (suggested by the Listing Agent that the bank had stated they might be willing to do, such as fix the roof and put flooring in several of the rooms) and asked for them to cover most of the closing costs (we cover $1000). We fully expected... | |
When you offer to purchase REO, you wait for the bank to make its decision on your offer, and they tend to do that when they are good and ready to do so. It's entirely possible that Chase is well aware of market conditions where you live, and is simply waiting to see if a better offer comes around. Or perhaps the bank officer on whose desk this offer ended up took a few days vacation, or became ill (no one else is going to pick it up in his/her absence).
I think your husband is being a bit paranoid here. Be advised that REO purchases aren't like purchasing from an individual home seller. I've worked with REO's which took over a month on which to get a reply. Be patient.
Banks move slowly. Everything goes through several officers and then some kind of committee. The broker can not hold up the sale. It would be unethical to do so, and not in his self interest.
he is just taking his time. he still might come back with a counter offer. just be patient you'll hear something with in a week or two
It took me about 2 weeks to hear back.
