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Please add 2 and 8 and type the answer here:
Mortgage Rates
30 Yr FRM 4.83% -0.08%
15 Yr FRM 4.32% -0.04%
1 Yr ARM 4.35% -0.11%
5/1 Yr ARM 4.25% -0.04%
30 YR Tres 4.25% -0.02%
Fed Prime 3.25% 0.00%
Q: I submitted a bid for a house in New Jersey that is owned by a bank in Illinois. Do they have a required amount of time to respond?
  • If you mean do they have to respond within a certain time frame, the answer is no. As you may have noticed from reading MND articles, this is a big problem. I too am an agent, and recently lost a property sale to foreclosure because the bank processing the short sale did not respond in time to stop the pending foreclosure. We had a qualified, willing buyer but could not get approval for the sale from the bank before the buyer decided to back out, and the foreclosure took place. Bank responses to short sale and REO offers have been very slow so far. It depends on how many REOs or short sales the staff is trying to process. But the time frame is not controlled by any rules or requirements.



    Answer Submitted on Fri, Oct 26 2007

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    Answer Contributed by: Donna Robinson
    Donna Robinson
    Real Estate Agent
    Real Estate Investing Expert
    Real Estate Investor Coach
    http://www.REIUonline.com
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