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My situation is that the home that I am trying to purchase was scheduled to foreclose on 10/6/09. We made an offer with our agent and she contacted the sellers agent the day before. The home is listed at $190,000 and we offered $181,000 and asked for 6% in closing. The bank came back and asked us to up the offer or lower the closing percentage. We raised the offer to $186,000 with 6% in closing. We don't know if they have removed the house from the foreclosure list or if they have accepted the offer. The realtor has left a message and she hasn't received a response. It has only been 2 days. Should I panic? How long does this type of process normally take. Sad

smithsussane · Posted: Wed Oct 07, 2009 8:19 pm Post subject:

Hi Haley!

Welcome to forums!

You can contact the bank and check out if they have any updates for you. The bank would be the best to let you know whether or not they would accept your offer. Normally, a foreclosure or a short sale would take quite some time to complete. So, I don't think you should panic regarding this.

Feel free to ask if you've further queries.

Sussane

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

Haley

Its not the time to get panic yet.It is true that deal may strike within a day also but in most cases for all the paperwork it takes 3-5 days to go ahead.So better be in touch with your agent.He might have some info.

keep in touch....

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Anytime you dela with banks to buy a foreclosed or a shortsale, it will take some time to process yoru request

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