In the metro Detroit area most of the banks take 2 to 3 days to respond to the offer on the foreclosure. If you are lucky they sometimes respond in one day. And if you are unlucky it could take much longer.
I just had one that Fannie Mae was the party in charge. It had taken over 2 weeks and we still had no answer. We finally pullled our offer because our first offer was low and there were better homes on the market we wanted to bid on. (My clients realized that they had bid too low for what the recent sold prices were.) But taking two weeks to make a decision is not the normal time period.
The second part of the process is how long does it take to get the documents signed after they accept the offer? It USUALLY takes about a week to get the documents back. My longest time was a month of waiting to get the signed documents back. That was unusual but it does happen.
Russ Ravary your Metro Detroit real estate agent
Search Metro Detroit foreclosures and get the latest foreclosures emailed right to you
Comments (7)Subscribe to CommentsComment