when is foreclosure final
How long do banks take to accept bids on foreclosures?
Hey
So I put a bid on a foreclosed home owned by the bank on Monday. On tuesday they issued a best and final bid to us and three more people. We submitted our bid Wednesday before 10am this is when it was due in and it is now thursday and we still haven’t heard anything. How long does it usually take? They said it was only down to these four bids. Anyone advise would be great im currently pulling my hair out!
Thank you for your help!
it’s up to the bank
they can take 6 days , 6 weeks or 6 months if they want to , and either hope to get higher bids in the meantime or decide all 4 bids are too low and reject them all .
there’s no guarantee , or timeframe in these type of short sales . I’ve heard of one situation where there were 11 bids , 4 months later they were all turned down by the bank because the bank decided it would lose too much money . if the bank was still owed thousands more than they can get on the current bids they can easily hold onto the property until the market improves .
cross your fingers and hope for the best but it might be a long wait for nothing .
good luck .
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