How long do you give then to respond on an offer?

[wendyinoc_IHB]

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?

 

[IrvineRenter_IHB]

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?

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]

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

 

[usctrojanman29_IHB]

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?

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]

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?

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.