Last Monday I wrote an offer on a property in the city of Rochester owned by a bank. We made the "life of the offer" as Wednesday at noon. When I talked to the listing office on Tuesday, they advised me it would probably take the bank 48 hours to give a response. After 36 hours, I started calling.
My client simply wants to know if his offer was accepted. Fortunately, this is an investment property. He has a very nice home ten or twelve miles outside the city. Often, I write an offer on a foreclosed property for young, first-time home buyers that are looking for the most economical way to purchase their first home. Sometimes they really NEED to know if they succeeded in purchasing the next place they will call home or do they need to hit the pavement again to find another property.
I don't really dislike writing offers for foreclosed property but I do dislike how much more stressful the process is for my clients. The people at the bank work Monday through Friday and to them, the purchase offer is just another file on their desk that they will get to when they can. Me? I work with real people that simply want to know if their offer was accepted, even if it is a Sunday afternoon.