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?
Tags: bank, bank owned property, bid, consider, decision, home, long, Novastar, novastar mortgage, property
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August 7th, 2010 at 1:00 am
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!
August 7th, 2010 at 1:00 am
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.
August 7th, 2010 at 1:06 am
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.
August 7th, 2010 at 1:17 am
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.