How do you all stand the waiting for Bank responses??

[Kel S]

Ok, so I'm sure my scenerio will be an all too familiar one for many of you. We put in a cash offer on a foreclosed home. Offering $6,000 less than the listed price.

So we get a counter offer on Oct, 8th within 48 hours of our original offer. The price we offered was the same and the only thing the bank changed was the number of days to do the inspection (8 days instead of 14) and closing would be in 21 days instead of 30 days.

Ok, so we signed that and all of the addendums (only 3 pages to my surprise) and sent everything over to their realtor that they asked for (a new residential real estate contract that included these new changes, proof of funds, etc.,) and we had a deadline of Oct, 13th. All was sent to the realtor representing the bank. However, when my realtor contacted him on the 15th he says that he never got 2 of the documents of the new paper work. So this is 2 day AFTER the banks deadline or they could consider the offer revoked. So we quickly send it to him again and he gets the new paperwork and sends it to the bank on Oct, 15th. Says the bank emailed him and told him it was received and sent to processing for signatures. He (the banks realtor) said that we should hear from bank within a day or two. He's said this repeatedly and to be honest I don't think he has a clue as to when we might hear something and wish he would stop telling us that.

It's now going on 6 business days since the bank received the paperwork and said that it was sent to processing. I undertand these things can take time but I have to admit the wait is driving me a bit bonkers. My concern is that they get other offers. If they do get other offers will they notify us to give us the opportunity to increase our offer or forgo the inspection? Or will the bank simply take the higher offer right off the bat?

I've been told in general to give it 30 days. The frustrating part of this is that I have other homes I'd like to look at but don't want to put mulitple bids on multiple homes as the bulk of our funds are sort of hanging out there waiting to see if this one goes through.

I'm second guessing myself now on the offer we put in and feeling now like maybe we should of not asked for the inspection. (the offer is in the low 30's as it was listed for $38k and the house appears in quite nice shape and the fact that if the furnace was shot or wiring, etc., we have already determined we'd buy the house anyway).

By the way, the realtor for the bank isn't very good about communicating. My realtor has never heard his voice. He only communicates via e-mail and isn't quick at replying. When we do hear from him it's usually in the evening so I imagine he has a day job as well.