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How long can a bank consider a bid on a home?

We placed a bid on a bank-owned property ten days ago. We have not, as of yet, received a decision. We suspect the bank, Novastar Mortgage, is holding out for a higher bid. How legal or illegal is this practice?

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4 Responses to “How long can a bank consider a bid on a home?”

  1. Emily E said :

    Depending on the state, I always thought it was 48 to 72 hours! Do you have a Realtor looking after your rights? If not you need to get one or a real estate attorney!

  2. indiana_crank said :

    If you’re buying a repossessed home from a bank it will take twelve forevers ! Literally it could take 30 days (tops). They are soooo slow, I done been there.

  3. Bibs said :

    If you did not put an expiration date on the offer, they can take until you give them a written notice that you are withdrawing the offer.

  4. Landlord said :

    This is legal.

    They are taking 90 days in CA right now.

    Have your real estate broker (not the agent) apply some heat, he may get it pushed faster.


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