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Buying a bank owned property?

My husband and I put in an offer on a property that is owned by a bank. Unfortunately, we put this offer in on Thursday April 3, and we still have yet to hear anything. I was wondering if this is normal. The real estate agent said it should only take a couple of days to let us know if it was accepted. There was also another offer that was submitted with ours, so we bid the asking price. It's been 7 days, and still haven't heard anything. Should we keep waiting or move on? If so, how long do you think we should wait for?

Public Comments

1. Hi- It took the bank two weeks to respond and accept our full price offer. They had 3 other offers. The bank was GMAC- It took another week to get the signed executed contract from them. Some banks respond quickly and some take longer. In dealing with banks it is a waiting game. Good Luck