wendyinoc_IHB
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I put an offer on Thursday for a REO. How long do you give them to counter or accept offer? What is a reasonable amount of time?
How long do you give then to respond on an offer?
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IrvineRenter_IHB
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[quote author="wendyinoc" date=1221545816]I put an offer on Thursday for a REO. How long do you give them to counter or accept offer? What is a reasonable amount of time?</blockquote>
I don't know with REOs. The guys handling REOs have many more hoops to jump through, so it may take some time to get an answer.
With a typical offer, I would make it expire in 3 days from a Monday or Tuesday. Don't let them think about it over the weekend.
I don't know with REOs. The guys handling REOs have many more hoops to jump through, so it may take some time to get an answer.
With a typical offer, I would make it expire in 3 days from a Monday or Tuesday. Don't let them think about it over the weekend.
biscuitninja_IHB
New member
I usually give them 5 business days. If I want an immediate return, I give 2 days with a maximum of 3.
Don't get too attached though. Too many hoops where things can be tripped up and stopped.
good luck though
-bix
Don't get too attached though. Too many hoops where things can be tripped up and stopped.
good luck though
-bix
usctrojanman29_IHB
New member
[quote author="wendyinoc" date=1221545816]I put an offer on Thursday for a REO. How long do you give them to counter or accept offer? What is a reasonable amount of time?</blockquote>
I usually gave 5 business days, but banks work on their own schedules. Listing agents most times can help speed things up unfortunately. Some banks respond a lot quicker than others.
I usually gave 5 business days, but banks work on their own schedules. Listing agents most times can help speed things up unfortunately. Some banks respond a lot quicker than others.
EvaLSeraphim_IHB
New member
[quote author="wendyinoc" date=1221545816]I put an offer on Thursday for a REO. How long do you give them to counter or accept offer? What is a reasonable amount of time?</blockquote>
That information should be in the offer. I believe the standard agreement is three days, but you can always waive that if you would like. I have heard of some counters that come back after expiration and the offeror said "Thanks, but no, the offer expired." I guess it all depends on how badly you want it.
That information should be in the offer. I believe the standard agreement is three days, but you can always waive that if you would like. I have heard of some counters that come back after expiration and the offeror said "Thanks, but no, the offer expired." I guess it all depends on how badly you want it.