(Closed) Put an offer in on a foreclosure yesterday…

posted 5 years ago in Home
Post # 3
Member
4973 posts
Honey bee
  • Wedding: July 2012

No, but I wanted to wish you good luck! And I hope you hear back soon, one way or the other. 🙂

Post # 4
Member
2623 posts
Sugar bee
  • Wedding: November 1999

We did and it took them 3 months to get back. They were supposed to get back in 14 days.  

We ended up not getting it for various reasons, but BO’d properties play by their own time rules. They may not do what they say and there is nothing you can do about it.

Post # 5
Member
2274 posts
Buzzing bee

I have never heard of them responding in a week. It’s more like 3 months or so, or never. I hope they do respond in a timely manner, but it’s best to not count on it, just in case.

Not trying to be a Debbie Downer, and I don’t know your situation, but banks are notorious for not responding within a reasonable amount of time. Keep us posted!

Post # 7
Member
2274 posts
Buzzing bee

@Roe:  That sounds promising then! Good luck.

What kind of savings will you be having with it being a foreclosure? I am guessing it’s a good deal, right?

Post # 9
Member
505 posts
Busy bee
  • Wedding: July 2013

We did and we heard (no; they went with another offer) within a few days. However, that deal fell through (yay!) and the bank called my realtor to see if we wanted to put in another offer. We did and they accepted it the next day. It all happened very quickly. Good luck!

Post # 10
Member
461 posts
Helper bee
  • Wedding: July 2013

We just bought our first home, a fannie mae owned home about two weeks ago. Getting our offer accepted by the bank was the quickest thing out of the whole process. We put the offer in on a Friday and by Tuesday night we were celebrating. But then it took over two months for our loan to go through but because of other reasons. Thankfully Fannie Mae was willing to give us a little bit of an extension in order to buy our dream house. Good luck and let us know how it goes

Post # 11
Member
3059 posts
Sugar bee
  • Wedding: September 2011

I’m not sure how the market is in your area, but in my area, the inventory is wayyy down! So, I was told the banks are starting to respond a little faster. But, that could just be a ploy to get us interested in foreclosures. I’d be interested to hear how soon they reply. Good luck!!

Post # 12
Member
45 posts
Newbee
  • Wedding: February 2012

We have twice, once we offered the asking price heard back in 3-4 days we didn’t get it. The second time we offered 2 grand above asking, and still didn’t get it. That time I think it was a week or so. Good luck!

Post # 14
Member
2274 posts
Buzzing bee

@Roe:  Keep us posted when you find out. I hope you get it!

Post # 15
Member
1851 posts
Buzzing bee
  • Wedding: March 2012

We put a bid on a Fannie Mae home last Thursday (it was the final day to bid and we just so happen to get in under the wire) and heard that we had “won” on Monday. It was very quick (especially because we knew they probably wouldn’t call us over the weekend). So far things are going smoothly so hopefully this process isn’t too painful.

Post # 16
Member
13102 posts
Honey Beekeeper
  • Wedding: July 2010

I haven’t done this but I wanted to wish you good luck!

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