Does Anyone Have Any Experience with This?

[briko3]

Does anyone have any experience with buying or selling a home in bankruptcy. If so, how long does it take to get an offer approved? We underbid what they were asking and its been almost two weeks of (supposedly) the lawyers running numbers to "see if it would work" Does that seem normal or are we being jerked around.

Thanks.

 

[LoriRutl]

Does anyone have any experience with buying or selling a home in bankruptcy. If so, how long does it take to get an offer approved? We underbid what they were asking and its been almost two weeks of (supposedly) the lawyers running numbers to "see if it would work" Does that seem normal or are we being jerked around.

Thanks.[/quote

I am in the middle of one of these. It can take up to 3 months for the bank to notify you whether they accept or reject your offer. Usually it is around 30 days but they can take their own sweet time. Probably waiting to see if they can get a better offer.

 

[souldeux]

Give me a call tomorrow afternoon around 1:00 EST and I'll put my fiancee on the phone. She's a real estate agent and can probably walk you through it.

 

[somarco]

When are you going to make her a legal woman?

 

[maleman2045]

First off, who owns the home: the bank or the home owner ?
If the home has been sold at auction and most likely purchased by the bank, the bank owns the home.
Any other foreclosure status aside from REO or Bank Owned, the home is still owned by the home owner.

This is important as if the home owner still owns the home, they can decide whether to submit your offer to the bank for consideration.

Nonetheless, I have always made sure that my offer was only valid for a short period of time: usually 2- 4 weeks.

If you are looking to purchase as an investment, I would make that offer deadline very short; no need for you to waste your time waiting for the bank to decide what they will do. They will use the better of "need to get this off my books" or "string you along for the maximum amount of time and keep you interested". Also factored in for the bank are how many homes they have on the books that are in some form of foreclosure.

Adding a deadline shows the bank that this is a business transaction first and emotions will not delay you to look at something else if they can't commit by the deadline.

If this is a personal purchase, you need to decide how long you can wait to see if you are awarded the bid.

Hope this is helpful to you.

 

[Mark]

Give me a call tomorrow afternoon around 1:00 EST and I'll put my fiancee on the phone. She's a real estate agent and can probably walk you through it.

I would recommend calling Nick's fiancee.

 

[souldeux]

When are you going to make her a legal woman?

August 21, 2010. Don't worry, you're on the invite list (my most exciting direct mail campaign yet!).