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I just made a ridiculous low ball on a bank owned property. How long should I wait to recieve an answer?

It is a single home property.

Public Comments

1. Give them 3 months. I've seen bank owned property go empty for over a year. But, chances are, they will get back with you in 5 business days. They will get you to raise your bid. Don't budge too much. You may be going back & forth for a while, if you really want the place.
2. Check with the bank. They normally set an "end date" to the bidding process. If they have set an date they should tell you.
3. It could take months for the lender to make up their mind. If you put together a package for the lender supporting your offer you will have a much better chance of having your offer excepted. The package should have included pictures of all of the problems with the home and estimated repairs. Also, comparable and how long they have been on the market without a buyer. The lender will take all of these factors into consideration when considering how much money they will lose if they take the home back.
4. If it is "ridiculous"...you probably won't hear back. A few of the Asset Managers I work with simply toss them aside if they are unrealistic. And chances are, any future negotiations might be hampered by the "ridiculous" attempt. If you were just throwing an offer out to see what happens, that's OK for you. But if it is a property you are truly interested in, you probably will end up paying more that had you been realistic. I could be wrong in your case, but Asset Managers can be ego-maniacs with power-trip issues....trust me, I deal with them daily. Good Luck
5. couple of months at least