Waiting for a Pre-Foreclosure.

**mcoleman80** · 03-27-2008, 10:15 AM

**I think I posted this in the wrong section initially, so here's the repost**

I put a bid in on a property that is in pre-foreclosure. I have a Realtor that I am working through, the seller has a Realtor as well. My cash offer was fairly generous (2.5% lower than asking price) and very flexible. I submitted my offer on Monday morning, and haven't heard anything back yet.

My Realtor says the bank who is managing this process can take up to two weeks to reply. In the meantime, I feel like I am stuck out here in limbo unable to continue shopping and unable to get a commitment from the seller. My Realtor seems almost annoyed when I call her, like I should just be patiently waiting for the bank.

Am I wrong that, even as the buyer, I have no advantages here. My next week and a half is at the whim of a bank to whom I am offering hundreds of thousands of dollars in cash, while they wait and hesitate to take any action.

What can I do to move this along?? Or at least to bring some of the power into my corner??

**Codythebest** · 03-27-2008, 11:33 AM

Didn't you write an acceptance date?

**mcoleman80** · 03-27-2008, 11:40 AM

I've never bought before, so maybe I'm just being dumb here.

My Realtor gave me something called "Multi-Board Residential Real Estate Contract" and we completed it together and then she faxed it to the sellers agent.

It seems to outline all of the details of the sale, but nothing specific to the offer. I mean, it mentions a purchase price and a closing date and all of the various contingencies (most of which are waved in my case). But nothing about the expiration of an offer, etc.