Posted by Brent_IL on September 18, 2003 at 20:14:13:
I believe it would depend upon the lag time before your offer is presented. An agent could probably present your offer in three days. An REO might still be routing to the right department in that time. I do most of mine in person, so I date them ten minutes into the future. I’d alter the time to fit your best estimate of when your offer to purchase will actually reach the person qualified to buy.
Making 3 day offers, a bad idea? - Posted by JP
Posted by JP on September 18, 2003 at 19:43:01:
On most of the offers we’re making (REOs, promising listings in the MLS, etc.) we usually include a note saying “This offer expires on X” which is usually about 3 days in the future. We are making all cash offers and want them to know we are serious, but won’t wait around for them. However, I’ve read others say that when making offers on these types of properties they usually get responses or counter offers back in a week or two a lot of the time. Should we stop saying that our offers are only valid for a few days and either give them at least a week or just take that line out entirely?
Re: Making 3 day offers, a bad idea? - Posted by TH
Posted by TH on September 19, 2003 at 08:19:20:
REO companies are working with many, many properties and don’t pay much attention to what your realtor’s contract states when it comes to deadlines. They are working in their time frame. Just bought one yesterday and the reo company calls all the shots, it’s a pain but hey, it’s a bargin!
TH
Re: Making 3 day offers, a bad idea? - Posted by Craig
Posted by Craig on September 18, 2003 at 21:02:59:
JP,
I made a low-ball offer on a bank owned house in June. Didn’t hear any response from the bank. They called me two months after I submitted the offer and accepted it. I close on the house next week.
Hope this helps.
Craig