Different foreclosure properties are handled differently by the bank/owners. Some require that the property be listed for sale for a minimum amount of time before reviewing ANY offers. Some will consider an offer as soon as it is submitted.

For example, HUD requires 5 days (I believe) exposure to the market and then owner-occupants are given priority. If none are the *winners* then the bid is open and offers are considered daily. Fannie Mae used to require 48 hours on market before reviewing any offers. After that, all offers were considered as they were received.

In both of the examples noted above, the actual offer can be submitted, but they will not be reviewed until the deadline has passed.

It has been my experience that there is usually a quick response, when the bank will present a counter-offer.

In the case of a “full price” offer, as you said yours is, it might take a little longer. This is because the “full price” offer still may be less than the previous owner owed on the mortgage loan. In this case, the PMI company or originating/servicing lender must agree or exercise their right to purchase for the list price. Not always, but it could happen. In this case it may be anywhere from a few days to a few weeks.

My guess is that if the property you want is an area with a lot of foreclosures, you should hear back rather quickly.

What does your agent say?

Good luck.

Presently they pick one within 24 hours of presentation…or none at all if not qualified offers came in.