Foreclosure in Derry>Question Details

Crystal  Per…, Home Buyer in Salem, NH

if Wachovia accepts my offer to buy one of their forclosed homes. on average how long does it take to actually close and get the keys to move in?

Asked by Crystal Perry, Salem, NH Mon Feb 14, 2011

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Crystal with bank owned homes here in NH it could be as little as 7 days if you are paying cash up to 45 days if you are getting a mortgage, the average for my sales is 30 days. If you are getting a mortgage, before you make an offer you need to ask your loan officer how ling they will need. Then put that date into your offer. The majority of bank owne dhomes have already had a title search and are clear to close as soon as the attorneys can get the deed and paperwork signed. Having a good buyer broker whi is WELL experience din bank owne dhomes will help you through the process. If you have any questions or need some assistance please feel free to contact me.

Please see my blog with tips and advice on buying a bank owned home

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…




Scott Godzyk
Godzyk Realty Group

One of New Hampshire's Leading REO Brokers

The #1 ranked agent for NH on Trulia
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Feb 28, 2011
Hi
Bank owned properties can close very quick. It depends on how quick you want to close.
If you are taking out a loan then it depends on how long it takes your bank to provide you with the loan.
You will receive your keys at the closing table as soon as all paperwork has been signed.
Thank Youy
BobbyVan
0 votes Thank Flag Link Tue Feb 15, 2011
As long as the title has no clouds it is pretty standard timing as mentioned below. Just make sure you pay attention to the dates on the contract. Banks are sticklers. Good luck and happy home.
0 votes Thank Flag Link Mon Feb 14, 2011
Plan on 45 days or sooner. Good luck!
0 votes Thank Flag Link Mon Feb 14, 2011
Congrats. Wachovia is one of the easiest and best banks to deal with on distressed properties.

What did you put in your offer? If you specified escrow and contingency timelines, then those decide how long it will actually close to get your keys.

For example, if you said you need to get a loan, and that you can close escrow in 30 days --- then you get your keys in 30 days after you satisfy all your contingencies and the sale is actually on record
0 votes Thank Flag Link Mon Feb 14, 2011
It does not matter if it was foreclosed or not, if the bank now is the owner it is a bank owned home. If it is a bank owned home then the bank puts a price they want on the house in the listing, the question is will they sell it for less or wait until they get a full price or better offer. You should hear back from the listing agent in a couple days, normally. If it is a short sale property, not owned by the bank, it can take months to hear back with a yes or no. Bank owned homes can close pretty fast once they sign the offer making it a contract. Normally the time required is a matter of how fast your lender can get the loan ready, not so much the bank selling it.
0 votes Thank Flag Link Mon Feb 14, 2011
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