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just put bid on house in California how long till I hear something???

My husband and I put a bid in on a bank owned home in California yesterday. We are anxious to get an idea on how long till we can expect to hear something back. Anyone done this before or know about the process? We live near Sacramento if that helps at all. Would be very helpful for excited couple. Thanks!!!

Public Comments

1. Anywhere from ten minutes to never. In the past I have heard back on offers immediately or within two days depending upon the time frame stipulated on the offer. I have also not heard back on an offer when it was deemed to be too low.
2. Id say w/in 24hrs. Good luck, its a buyers market out there if you have the cash. It depends on how determined your agent is as well. Im in southern calif where the homes are dropping like flies with default, foreclosure etc.
3. Call the person you gave the $$ to and ask .
4. Your offer should have contained an expiration date by which the seller had to respond or your offer expired. Read it carefully to see if it does. Who wrote up the offer? If it was a real estate agent, ask that person. If it was an attorney, call him/her. If you did it yourself, you are treading on thin ice. Good luck!
5. Are you using a Realtor???if not why...I am in Texas but I know that here you may not hear back for weeks...If you know the Realtor that is handling the sale for the bank you might be able to get some info from them....buying a bank owned prop. takes longer than a reg.property...the bank may be taking bids from different people at this same time and they would have a date and time that they will decide which one to accept....you can get info on line or from any Realtor to explain this process........good luck
6. Your agent should have told you. It depends on which bank we are talking about. Some are great and will bet to it within a week, especially if your agent is aggressive. Others are talking 4-6 weeks to even look at offers. Some banks collect them for awhile and have no intention of looking at them until there are several on the table. If you want you can send me the MLS, or just the address and I will look up which bank you are dealing with and tell you whatever I know about them and their practices. I may even be able to give you an idea if they will even play ball with you, but I need the address and the amount of your offer to determine that.