Yes, I have, you may already be clear about the banks insurer and how that process works, but I’ll explain just in case; or, for someone else, who may come across this in the future and not understand.
I am assuming this is an FHA/VA deal, so the bank was insured through that agency to get their money back after a predetermined amount of time. So the Insurer says to the bank, you try to sell it for X days and if you can’t we’ll cover the amount of insurance and you (current lender who had to foreclose) will give us the house and we’ll resell it ourselves. I am actually surprised though, that the insurance company did not have the bank accept, decline or counter your offer first. Not saying it could not have happened that way, it?s just odd. How long was this piece on the market?
More than likely you will not be receiving any confirmation from the bank in writing unless they are accepting your offer, even their counter offer will most likely come back to you in the form of a verbal from the listing agent. If you are concerned as to whether or not the agent actually submitted your offer you could ask for the fax confirmation. However, at this point, they could easily say they walked away from the fax before they got the confirmation.
A bank will usually take a week sometimes 10 days before the respond to your offer. So, if has not been that long, it is possible they are still reviewing it. Also, if you dealing with the listing agent, and having them act as a dual agent, you should not be. Always, Always, Always have your own representation. It truly is in your best intrest.
I have my own representation.they did not put a time line on the offer.just wondering how long I should stay in limbo before withdrawing it,like my agent says.thank you for your reply.
I never place a time line on the bank either, even if I did, it would not make them move any faster.
They have their own red tape they have to move through in order to accept, counter or deny. Hang in there, you’ll hear something soon.
I heard from my agent today, and according to her. the property is being relisted with banks insurer,she said this happens to 10% of reo’s. have you ever heard of this before?