Foreclosure in 75024>Question Details

Marco, Home Buyer in Dallas, TX

Waiting to close on a REO property!!! How long does this tend to take?

Asked by Marco, Dallas, TX Tue Apr 20, 2010

We are in the final stages of closing and we send the papers to the seller and once they get it back to us we can close. How long does this usually take?

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Answers

7
Right now, there isn't anything average. Lenders are backlogged. 'On or before April 30, 2010' went onto a lot of contracts, assuming the home buyer tax credit had to close by then (it just has to be an executed contract before 4-30, and close/fund no later than 6-30-10). Title companies are making tentative appointments and just getting people to closing as their documents arrive. Don't be surprised if more than one extension is needed. Try to focus on something else and don't schedule movers or contractors of any kind until you hear you have fully funded and have possession of the home.
Best of luck.
Ronda
0 votes Thank Flag Link Mon Apr 26, 2010
Once you have a signed contract from the bank the biggest wait time is usually going to be from your lender clearing underwriting which takes anywhere from 10 days to 4 weeks depending on lender. Once this is done and you have completed all necessary Title work with Title Company you may have a few conditions your lender needs you to clear up such as (Large Deposits in Bank Acct, Inquiry on your credit report...). Once you have a clear to close from lender you should be on your way to closing the deal withen 48 hours. Once you receive initial response from the bank they are usually good at responding after contract has been signed. The initial contact is what is the hardest and longest to obtain from the REO bank but it seems to be getting better.
0 votes Thank Flag Link Sat Apr 24, 2010
REO PROPERTIES USUALLY WILL GET YOU A GOOD PRICE BUT WITH IT MAY COME SOME TIME DELAYS. WHEN A BANK ACCEPTS A CONTRACT THEY WILL NOTIFY YOUR AGENT IN WRITTING THE CLOSING DATE . IT IS A NO LATER THAN DATE, SOMETIMES A FEE MAY BE CHARGED PER DAY IF YOU DO NOT CLOSE ON TIME. THESE TYPES OF SALES MAY MOVE VERY QUICKLY OR MAY TAKE SEVERAL MONTHS.
Web Reference: http://www.mollyb.com
0 votes Thank Flag Link Wed Apr 21, 2010
Can be as quick as an individual seller or take forever or anywhere in between.
I had one last week that took 10 days to sign.
I've had others that were signed the same day.
No rules on this one.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Apr 20, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Our closing date was last Wednesday. as of now we don't have a new one. They think it will be anytime from monday till friday but whats the average?
0 votes Thank Flag Link Tue Apr 20, 2010
Your buyers agent should provide you all the steps required.

Two sides of sales transaction:
a. Buyer
b. Seller

Title company has to work with all parties participating

You can average approx. 30 - 60 days. HOWEVER rare exceptions we have closed in 15 days if all cash offer

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Apr 20, 2010
You must have a closing date on the signed sales contract. Both the sellers & buyers are obligated to close by that date.

Regards,
Saral Kundu, REALTOR
ABR, AHS, CDPE
Web Reference: http://www.EsKayREALTY.com
0 votes Thank Flag Link Tue Apr 20, 2010
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