REO Offer repsonse - timeframe?

[Lou Veiga]

Hi,

I was just curious what kind of timeframes people are typically getting when making offers to REO properties. I just put an offer on one last week (Jan 21). Listing agent told my agent they were waiting until the 27th to review all offers. On the 28th they can back and asked everyone for their highest and best. I kept my offer the same ($1400 above asking price, cash, no contingencies). I'm told they'll have an answer on the 29th.

On the 30th I ask about the status, they say they received 33 offers (18 of which were cash) and they are still reviewing them. At the end of the day on the 31 still no response. I got fed up with waiting, and pulled my offer.

Was I being too impatient? Does it usually take this long on REO's?