Thank you for the quick reply Gina!

Yes, we've already put in our offer and we've been in contact with our agent in regards to contacting the listing agent (who states she's overwhelmed because of the amout of offers on the home). It's just a nerve wracking position to be in because we know there are at least 19 other offers on the home. The list price is significantly lower than the comprable sales in the area - we did go in with our best offer so we're just hoping for the best! =] However we don't know which bank the home is owned through or what date all contracts will be reviewed, which is a little disheartening.....

Wed Feb 27 2008, 13:00

Veronica, in my experience with bank owned properties there is usually a specific date that the bank will review all offers on. Typically they look for the highest and best offer and go from there. If your offer is not in the top 3, they probably won't even counter you or give you an opportunity to offer more money. Some banks respond rather quickly because it's not in their best interest either to hold on to a foreclosed property but sometimes they do drag it out (a little too long for my taste). I'm assuming you've already put in your offer? Have you asked your agent to contact the listing agent to see when the bank will entertain the offers. Good Luck!

Gina Chirico
PNJP-Caldwell
(973) 228-1000 ext 132
GinaChirico@PruNewJersey.com

Wed Feb 27 2008, 12:48