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Updated almost 6 years ago,
How long does it take to place an offer?
Hello BP! My overall question for this post is how long does it take to place an offer on a property? Specifically, once I've told my realtor how much I want to offer, and have given my POF letter, what should the turnaround time look like?
Background: There's an REO house on the MLS. Listing price is at 50k. I want to take my chances with putting in a 40k offer with contingency. Last Thursday, I expressed this to my realtor and she agreed. I gave her my POF letter to place with the offer. It is now going on the following Thursday, and she has yet to place my offer in with the listing agent. Each day since Last Thursday she's been asking me questions that I think should have been handled once I told her I wanted to place an offer. The first being how much earnest money would I like to put down, and a closing date. This question came 2 days after my initial request. The next question, literally 2 days after this, was confirming how much earnest money and closing date. The next day, I'm asked about what inspection company I want to use? At this point I'm a little confused because it's 5 days later and it seems my offer has not been submitted yet. On the 6th day she has asked me to make adjustments to my POF letter. And lastly, on the 7th day, I'm asked to bring in my earnest money check the next morning.
So literally, a week has passed and my offer has yet to be submitted. Is this normal? Every day my offer isn’t submitted allows someone else to either put one in or something else happening to the house. I feel like my realtor should have given me a list on Day 1 of everything that I would need, so that I can put an offer in ASAP. I don’t know if she’s slow, or I’m just impatient and this is normal.