How quickly does the bank respond to a bid on a foreclosure home?

Question:

I found a home in Niagara Falls, put a bid on the home. The home has been on the market for over 2 months and I put the bid 8,900 less than the asking price. Usually how long does it take for the bank (which is out of state) to respond to the bid? If they do respond will they tell the price they will take?

I put the bid in on Aug. 7th, Should I up my price or just wait?
Any help will be greatly appreciated! Thanks in Advance

Answer:
If you were dealing with a local bank you would get a fast response, but since you are dealing with a bank that is out of state it could take up to one month....the usual procedure is as follows...you make a bid.the loan officer submits all bids to his supervisor.all bids are reviewed...highest bids are taken to board meetings for consideration. Usually board meetings take place once a month...just be patient, they will respond..lots and lots of red tape on a foreclosure..Good Luck

Usually it's not long..it hasn't even been 10 days yet so give it time - at least another week and then call the bank. Good luck.

btw - if they have other offers they will give you a broad hint - usually - so you can up your bid accordingly.

How quickly does the bank respond to a bid on a foreclosure home?

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