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How long does it take the lender to respond to a foreclosure offer?

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

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Posted by Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info on 06/27/2009 06:01 AM

Comments (7)

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Originally posted at: Farmington Hills Real Estate and Events talk Michigan: How long does it take the lender to respond to a foreclosure offer?

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7 Comments on How long does it take the lender to respond to a foreclosure offer?

JUN

Russ...you always wonder on the other end of the tin can and string what is going on. Maybe someone died, is out with a baby delivery or just has 300 files stacked on a desk and with layoffs, cut backs and heavy loads, it just is not being attended to. Short sales...they did not mean short time wise to process and get it to closing. Should change the name to long time /short on funds sales and to warn folks that they may be in the nursing home and have blue hair by the time this closes..if it ever does in some cases.

If you can get a response in 2-3 days, you're doing great (by Charlotte standards).

3 -4 days max.. otherwise they are shopping your offer and/or waiting for a better one

The time frame varies geatly. Each asset manager seems to have different guidelines or motivational levels. Some of the asset managers have been reassiged to short sales and that makes process longer.

Russ, this is the problem with real estate today. It all depends on who controls the portfolio and how backed up they are. With most small local banks, it's no problem. Dealing with the government assistant giants, it can be a big problem.

It's been clear for about 2 years now that the Fannie Mae "mission" has changed to one of "do all possible to destroy the American Housing Market.

I could talk about conspiracies, but no one would believe me, knowing that I'm paranoid. Still, there is no other explanation.

The banks take too long to respond. I have decided to go straight to the trustee sales. We win the bid and it is over in a matter of 24 hours.

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