Gilbert Real Estate Blog
~ by Randy Hooker of Dreamcatcher Realty
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4th Thing You Should Know About Buying Foreclosures in Gilbert, Arizona
In the first three installments of this series (1st Thing You Should Know About Buying Foreclosures, 2nd Thing You Should Know About Buying Foreclosures, 3rd Thing You Should Know About Buying Foreclosures), I wrote about defining Terminology, Pricing and Multiple Offers as they relate to “Things You Should Know About Buying a Foreclosure.” Here’s the fourth post of the series:
- Response Times – There have been instances where certain banks have taken as long as 2-3 weeks to respond to an offer from a buyer on a Foreclosure. However, in my experience the average response time from banks is typically 2-3 business days. Of course the case load of the specific asset manager, the proficiency of the listing/seller’s agent, and numerous other factors can increase response times, which is why there is no predetermined or predictable response time by banks to offers for Foreclosures.
The standard Arizona Association of REALTORS Resale Purchase Contract contains a section in which the Buyer’s Agent can specify a finite expiration date and time, but there’s nothing in the contract that requires the bank/seller to respond to the offer. I normally recommend setting the offer expiration at least 2-3 business days beyond the offer submission date. Protection is thus afforded the buyer so that the offer will not be ‘good’ indefinitely, but it still allows the bank/seller a respectable period of time during which they can respond before the offer technically expires. When in doubt, consult with your Buyer’s Agent about potential response times and expiration dates.
