Social Question

RandomMrAdam's avatar

How long does it take for a bank to get back with you regarding an offer you put in on a house?

Asked by RandomMrAdam (1655points) December 10th, 2012

My fiance and I put an offer in on a house over the weekend and the suspense has been killing us on whether or not they accepted our offer. It was a foreclosed home, and it looks as though they took the posting off the site it was once previously listed. So it appears as though they have possibly accepted AN offer, just not sure it was ours. Our Realtor seems optimistic that our offer was solid and we are just waiting to hear something at this point…

I live in Ohio; if that makes any difference in the matter. Anyone here knowledgeable about this process that can maybe put my mind at ease? Thanks in advance!

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8 Answers

elbanditoroso's avatar

The sad answer – it depends on the bank. A smaller community bank can make that sort of decision in 24–48 hours after running the numbers. A larger, or even nationwide bank is much more likely to have a series of approvals that can take much longer.

Good luck. But don’t get your hopes up. Unlike buying from a human being, purchasing a home from a bank is like shaking hands with a robot. No humanity at all.

RandomMrAdam's avatar

Thanks @elbanditoroso—Looks like it in PNC Bank…I am trying to not get my hopes up. We already put an offer in on a home previously which we did not end up getting, so just trying to stay optimistic at this point. I thought there would be less buyers on the market in the winter. :)

Tropical_Willie's avatar

Locally it can take 4 months or more, for a regional or national bank. I have a friend or two in real estate and they dread the time it takes on some foreclosures.

RandomMrAdam's avatar

@Tropical_Willie – It’s my understanding that the actual closing can take upwards of 60 days or more. I was more concerned about how long it’ll take before we even know to start seriously considering other places in case they didn’t accept our offer. Until I hear back from our Realtor, I am waiting impatiently. :)

Judi's avatar

If it.s Bank of America, don’t hold your breath. They will get back to you but they do it in their own sweet time.
In California you can pull your offer any time before they communicate acceptance. If that is the case in your state they might be a little more vested in getting you the information to you faster.

creative1's avatar

Mine took a couple of weeks to accept the offer and mine went to auction where I won the auction and it still took weeks for the winning bid to be accepted. I know I was biting my nails the whole time waiting.

AshlynM's avatar

If the house is bank owned, it may take awhile, especially if it’s a short sale. This may take up to 2 weeks. For a short sale, the response time is typically much longer, since sometimes listing agents may outsource their short sale negotiators to a third party.

If it’s individually owned, it’s all up to the homeowner.
In any case, there should be a timeline on when the seller accepts your offer in your contract.

flutherother's avatar

I am in the UK but things seem much the same here. I put in an offer for a flat which was accepted and all that was required to seal the deal was confirmation from the bank of the loan. I spent a nervous three days waiting for the bank to provide confirmation. It all went through eventually and I think the seller was as nervous as me. What is wrong with banks?

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