How long does it take for a bank to respond to an offer on an REO property?
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Question by ninjachic21: How long does it take for a bank to respond to an offer on an REO property?
It is HSBC bank in Chicago. I put an offer in on a property on Monday. Are they typically prompt in their responses? I have heard horror stories of short sales lasting many months, but haven’t heard much about the timeline for purchasing REO properties.
Thanks for any help!
Answer by Janet P
Monday was a holiday.
They are usually pretty quick. The selling agent should know. Often, at least in CA, where I am, they will give a time frame, a week, or a month, where they want the agent to collect offers and then they look at them all at once instead of one at a time. They typically have a limit as well, usually 40, as soon as 40 offers are in the agent will not accept any more.
What do you think? Answer below!