Please answer. How long does it take

Question

how long does it take to see if your offer on a house was approved or denied?

The house was a HUD house and the bank owns it now. The bank is out of state.

It has been 2 weeks and I guess someone there is someone else looking into it. I'm so MAD, I feel like the realtor is jipping us on purpose

Answer 1

Weeks to never. Banks don’t always respond to offers. If they didn’t like your offer, you might never hear from them.

It sounds like you didn’t get your own buyer’s agent. If this deal doesn’t work out, do get your own agent for your next home. If you end up buying this HUD house, the listing agent, whom you seem not to like, will be taking home the money that would have paid for your own representation.  

That listing agent doesn’t work for you, she works for the bank, and so she not only has no commitment to you, she has to be careful of what she says to you less she violates her client relationship.  

BTW, there’s no incentive for an agent to “jip” you since they only get paid when a sale closes. Right now, she’s working for free.

Answer 2

Right now, banks are going nuts dealing with foreclosures and short sales. I was looking at distressed properties and put out a few offers (the 6th property I offered on finally got accepted). But, in one case, it took about 2 weeks for the bank to get back to everybody who made an offer. They then put out a "best and final offer" request, meaning that there were multiple offers on the place and it was now a bidding war.

The problem is that you can't really do anything with another property while waiting for a reply on your offer (you can put out multiple offers, but you run the risk of having two offers accepted at the same time, in which case you may forfeit your good faith deposit).

Just be patient and wait it out. The selling agent will notify everyone who put in offers when one has been accepted. Until then, your hat's still in the ring.

Answer 3

Can you find out what bank it is and contact them yourself... then you might get the answers you want.