Does the bank have to respond to a formal offer with a formal response?

Author: admin  //  Category: georgia foreclosures

I placed a formal offer on a foreclosure in Georgia and was told within 48 hours that my offer was declined and was verbally told a counter offer.

A few weeks later I gave a verbal offer and again within 48 hours was verbally told no.

A few weeks after that i gave a formal best and final offer with a list of reasons why the property is not worth the last counter offer. Thus helping to bridge the gap between me and them.

All of a sudden it has taken them two weeks to respond. I have a feeling the listing agent never submitted my offer to the bank the first two times and was doing the negotiating for the bank.

So here’s my questions:
1-Is there a way to find out if my offers were submitted to the bank?
2-If my best and final is declined, can I request a formal response from the bank instead of just a verbal?
3-Typically, how long does it take for a bank to respond?
4-Could the bank be stalling to wait for a better offer to come along? And if so, is that legal?

1. Call the listing agent.
2. You can always request. They are not obligated to do so.
3. Who knows. Depends on the bank, the staff, etc.
4. Yes. And yes.

Just to add, here is my advice. If you are tired of waiting around, then withdraw your offer and move on. You may withdraw your offer at anytime, provided it has not yet been accepted. Two weeks is ridiculous. They probably have already accepted another offer, and just did not tell you. If you want, rather than withdrawing your offer, you can send notice that your offer will expire in 48 hours, if notice of acceptance is not received by then.

One Response to “Does the bank have to respond to a formal offer with a formal response?”

  1. Mr Placid Says:

    1. Call the listing agent.
    2. You can always request. They are not obligated to do so.
    3. Who knows. Depends on the bank, the staff, etc.
    4. Yes. And yes.

    Just to add, here is my advice. If you are tired of waiting around, then withdraw your offer and move on. You may withdraw your offer at anytime, provided it has not yet been accepted. Two weeks is ridiculous. They probably have already accepted another offer, and just did not tell you. If you want, rather than withdrawing your offer, you can send notice that your offer will expire in 48 hours, if notice of acceptance is not received by then.
    References :

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