Do you fear that the bank (or any corporate seller) is ignoring your offer. Buyers and their agents jump to this conclusion because they have not heard a response for the offer they submitted. They are accustomed to 24 hour turnaround on offers made in the conventional home sales world.
The world of buying from a bank or corporate seller is different. Of course the corporate seller cares very much about your offer. Similar to when one applies for a loan with a bank, the bank really does want to make the loan. But, due to the risk in making the loan, it is rare when just one person is able to make the decision. Actually, anytime risk and money mix it is a great idea to have multiple people consulted to review the potential decision.
Selling a foreclosed property is similar in that the loss has occurred, and the owner has identified a reserve for the loss. There has been quite a bit of analysis to determine the anticipated loss, whether it be an appraisal or a broker price opinion. A list price was determined based on multiple parties opinion of value and the anticipated loss identified.
When there is a delay in responding to an offer it is usually due to the following factors:
- Offers at a significant discount to the sellers projected sales price resulting in further review
- Multiple offers have been received and the terms are all slightly different
- People with the authority to make decisions are not immediately available
The sellers (and listing agent) are not ignoring you. Everybody is really glad you made the offer. Sellers are glad to receive offers, even if they are not going to accept them, as any offer provides some additional market information. Please do not call or email the listing agent daily wondering if there is a response or if the bank cares! The listing agents get paid when a house sells so they will track you down as soon as a response is received.
