Foreclosed Home
How long does the bank take to get back on a foreclosed home?
We put a offer in for a foreclosed home, 2 weeks ago. We still have not heard anything yet. The list price on the property was 72K and we offered 65K. This property had been on the market for nearly 200 days. Just wondering when we should let go of that property and move on. Thanks!
The state I am in is Massachusetts.
This depends on the bank and the area. 4 months has been typical in the Chicago area lately though some fellow investors in other parts of the country have been as little as 30 days. The bank will probably make you change your offer to cash with no contingencies before the consider the offer. This isn’t true for all banks though a lot of them.
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