After submitting our offer, we knew that it would take a few days to hear back from The Bank. Since it was a foreclosed property and bank owned, we knew that buying it could be a lengthy procedure. However, the listing agency only handles Wells Fargo Owned Properties so they knew exactly what to expect – it would normally take 1-7 business days to hear results. But typically about 24-48 hours and we would be given an answer. And on April 26th, we heard back from them with a counteroffer. They accepted our price and earnest money ($5,000) but wanted to move up closing to May 31st! Yikes – a 30 day close on vacant land!

We quickly signed and sent the counter offer back in on April 26th as the property status was still “Active” and other offers still could be submitted.
Then 5 days later we finally heard back from the listing agency late in the day on May 1st – The Bank needed our offer to be on their standard forms. I seriously don’t know why we weren’t told all of that up front. We really felt like we were being jerked around and that The Bank was just waiting for another (better) offer to come in.

Joel and I reviewed the new supplemental contract that evening, signed it and sent it back first thing in the morning on May 2nd. We felt like we did everything we could to get the property. And if The Bank wasn’t going to accept the offer, then this was going to be our last attempt. And guess what May 3rd at 1:21pm we had it – a mutually signed contract for the property…they accepted our offer!