Bank owned homes can typically close as soon as the offer is accepted. We usually ask for a 10-14 day close on an all cash offer. This allows time for the paperwork to be processed and inspections to be done. The idea is that the banks usually want to get rid of these properties as fast as possible. They are usually vacant and ready for a new owner.
Short Sales are a different animal. They can take anywhere from a couple of days to a year before approval. Itâ€™s hard to say when the approval will take place. We can make educated guesses based on the number of loans, the bank who holds the loans, if the hardship package has been submitted and reviewed, and if a loss mitigator has been assigned.
See the Video - Bank Owned vs. Short Sale Homes