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How long after I put a bid on a foreclosure should we hear back whether or not our offer was approved?

Question by GBsandiego: How long after I put a bid on a foreclosure should we hear back whether or not our offer was approved?
My husband I and I put a bid in on a foreclosure and a short sale yesterday. I know short sales can take weeks and even months to hear back. But, how long on a foreclosure?

Best answer:

Answer by sassy2
12 weeks for a foreclosure.

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3 Responses to “How long after I put a bid on a foreclosure should we hear back whether or not our offer was approved?”

  • Rebecca:

    It too can be months before you know anything.

  • goldshire1:

    Also weeks or even months but on the whole they tend to have quicker response times than short sales.

  • TheWindsorExpress.com:

    Foreclosure can vary between states. Take a look at FL and TX. These states have rather interesting rules in regards to homestead acts in place within the state. In either case, it can take a few months for everythign to fall into place. Also, there are certain things homeowners can do to help delay the process such as paying a small amount to keep their home and restart the foreclosure process all over again. Foreclosures can be tricky, but if all goes well and normal, you can end up with a pretty great deal as the bank just wants to get rid of the debt associated with the property that has not been paid for promptly. Always do your research when dealing with these types of situations. Try to deal with the banks directly or a reputable real estate agent so that the process can be minimal in terms of costliness due to scams and overcharges in fees and so on.

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