How long does it take an offer to be accepted?

[Allison Jones]

We put an offer in on a quadplex in foreclosure that was being advertised as a single family home due to falling out of the grandfather clause of non conforming use. The property was on the market for months.  We found a loop home with our planning department and put a full price offer on the property on Thursday.  How long should it take to get the accepted offer or counter offer from the bank? 

[Russell Brazil]

First be aware that bank asset managers do not work on the weekends. So weekends area a dead time for communication on REOs. Also be aware that the listing agent will have almost nothing to do with how fast it proceeds. In many instances, the listing agent doesnt even act as a vehicle of communication on an REO. They are just listing the property, and taking care of it, while the bank asset manager is communicating through some online portal.

The bank is likely to sit on your offer til they receive a 2nd offer, and will then call for highest and best offers.