The time frame for response from the seller (bank) once you have submitted an offer on a bank owned property is typically between 2-7 business days. During this time the bank could be reviewing your offer along with other offers to determine the offer with the best terms and conditions. The offer price is not the only thing considered. Additional considerations will be cash vs. financing, the down payment amount, time needed to close, stipulations for inspections and any request for closing cost assistance, just to name a few.
If your offer is chosen as the best offer you will then most likely be able to close within two weeks if you are purchasing using cash and 30-45 days if you are financing the purchase. Please bare in mind that because you are purchasing a home that was acquired through means of foreclosure there can sometimes be outstanding liens that may take longer than the 30 days to clear off the title. This has, on occasion, caused delays to the closing.
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