Expert: liznarr - 10/19/2007

Question
I have submitted an offer on a bank owned property on October 10th and still have no answer whether mine is accepted or not.  It is now October 19th and am still waiting for an answer.  Legally, how long can a seller sit on offers from buyers before submitting an answer?  Can they sit on offers for weeks, months, years?

Sandy

Answer
Hi Sandy,

Lending institutions offering properties for sale are, generally, slower in responding than traditional Sellers, but after nine days you should have heard something, even if a verbal response.  I am always suspect when a response takes this long that the offer might be being “shopped.”  

I don’t know that there is any legal time limit within which a Seller is required to answer.  Most state real estate laws do, however, require real estate agents to SUBMIT a written offer as quickly as possible.  The first thing you need to establish is whether the delay is agent or bank related.

If your offer was written up through an agent (hopefully, representing you), you should put pressure on the agent to get a response for you.  Ask pointed questions:  When was the offer presented to the bank?  What was the response?  Are there other offers on the table?  When can a response be expected to be received?  Insist that the agent check in with the bank on, at minimum, a DAILY basis for updates.

If the agent balks at pushing the bank or bank’s agent for answers, go to the one or both of the agents’ Broker in Charge and ask for help.  If you don’t receive help there – and the bank is local – call the bank and ask to speak to a supervisor of the department in question.  It is not your place to negotiate directly with the bank, but you can let them know you took the time to offer on their property and it’s bad business to keep a potential purchaser hanging.

Good luck to you, and write again if you have additional questions.

Regards,
Elizabeth