How long can a bank keep you waiting for a responce on a foreclosed home

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How long can a bank keep you waiting for a responce on a foreclosed home

We have a bid on a foreclosed home and have been waiting for a little over a month for a responce the listing agent siad the bank that owns it said the offer looks good but wanted us to know about some of the bigger problems , we said we still want to go through with it and have not heard anything our realestae agent says shes been calling the listing agnet everyday and i not getting a respponce is there any leagle action we can tak?

Asked on May 21, 2009 under Real Estate Law, Vermont

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I very much doubt that there is anything you can do to force the bank to accept your offer.  Probably your best choice is to start looking at other homes on the market;  I would think that in this economy, if you're able to buy, you should be able to get a very nice deal on a place.  It's surprising that the bank hasn't taken your offer, or someone else's, and that suggests to me that either they are trying to get more money from someone else they are talking to -- or that there is a good reason that you don't know, why you shouldn't buy this property at this price.

One thing to be careful about, is not finding yourself with offers to buy two different houses both getting accepted at the same time.  There are ways around this, if it's done right ahead of time.

I hope you already have an attorney to advise you and handle the closing, when it happens;  if not, I would recommend finding a lawyer now, and one place you can look is our website, http://attorneypages.com


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