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Calgary Foreclosures: Your Offer, The Bank’s Counter, and the Time In Between

Posted by Rachel R. Vanderveen on Saturday, May 19th, 2012 at 8:39pm.

Most Calgary Foreclosure listings ask that you leave your offer open for 48-72 hours in order to give enough time for them to respond. This can be a bit nerve racking for buyers holding their good faith cheque in hand, and packing boxes getting ready to move.

So why does it take so long for the bank to consider our offer and respond? There’s a few reasons, and none of them are because there’s just a bunch of monkeys sitting behind typewriters at the branch. (Trust me, I asked).

Unlike a private sale, there is more than one person to consult with for every offer. Sometimes the offers are going to the bank itself, and other times they are going into a law office that makes decisions for the bank and handles all of their sales. Then other times, the people are who are making decisions are on the other side of the country, enjoying bankers hours 2 hours ahead of ours.

So when you submit your offer on a Calgary foreclosure, know that it is going to the right place, and it’s just simply going to take some time to get back to you. Anything worth having is worth waiting for!

Rachel Vanderveen

The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736

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