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Updated over 9 years ago,
Submitted offer on a REO. Multiple offers present. Bank is... MIA! What would you do?
I submitted an offer on a REO property recently. The offer was all cash and $1,000 over the banks asking price. I called the bank to verify if the offer was received and found out there are "multiple offers" on the property. It has been 10 days now and still no response from the bank. The property is literally a steal so to speak. I'm considering submitting a higher offer as the property is well worth it. Problem is... I'm out of cash. If I was to submit a higher offer I would have to utilize a hard money loan. Cash vs. Hard Money? How do the banks look at that? Should I leave my cash offer of $1k over asking price and hope for the best or submit a higher offer using a hard money loan?
Also, I've heard that banks usually respond to offers on REO properties within a few days, maybe up to a week. What could be causing the delay?