Home Buying in Summerlin>Question Details

Terisamora, Home Buyer in Las Vegas, NV

Does it take a long time to be able to move in when buying a bank owned property?

Asked by Terisamora, Las Vegas, NV Sun Mar 10, 2013

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This question was asked from this property: http://www.trulia.com/property/3061615710-916-Boulder-Spring…

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17
Hello Terisamora,

The timeframe for a bank owned property is not much different than a traditional sale, though they may need a few more days in response time... so, if you can close a traditional sale in as fast as 10 days, you can realistically be in a bank owned home in 30 days or less.

Hope this helps.

http://www.nvsdr.com
2 votes Thank Flag Link Fri Apr 4, 2014
Usually it is only 30-45 days. However, I have been involved in transactions where it took several months. In those transactions, the bank couldn't find the deed or it was found that we didn't have a clear title. So, loong story short, don't call the moving van until you know for sure that you can move on your promised date.
1 vote Thank Flag Link Mon Mar 11, 2013
This question was asked from this property: http://www.trulia.com/property/3061615710-916-Boulder-Spring… PENDING/CONTINGENT OFFER

You won't be able to get this one unless it falls thru, and that could be many months down the road

David Coooper
http://www.lasvegaswinner.org
1 vote Thank Flag Link Sun Mar 10, 2013
You can close and move in just like a regular transaction. If you are cash the closing can be very quick if the asset manager at the bank has his ducks in a row. Bank owned closings should be no longer than a traditional deal. As with any real estate transaction there can always be unforeseen issues that can pop up so we always must have plan B. I am always here to help in anyway I can.
Thank You
Suzie Marquardt
Fahrnyteam@yahoo.com
wwwLasVegasForeclosureHelpCom
1 vote Thank Flag Link Sun Mar 10, 2013
Are you paying cash or financing the purchase


David cooper Investing in Las Vegas since 1994
http://www.lasvegaswinner.org 702.499.7037
0 votes Thank Flag Link Thu May 2, 2013
Some banks dictate how much time should transpire between the effective (when the last signature/initial is put on the contract) date and the closing.

However, most are happy to unload their REO assets quickly.

So, the closing could happen within 7 (if a house) to 45 days usually.
45 days is good when you need a loan to buy.

After the closing, sometimes it takes a day or two to finalize it and get the key.

Depending on the condition of the property, you may or may not need to fix the place up.
After that - you can move in and enjoy the fruits of your labor.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu May 2, 2013
Home prices are up, inventory is down. Lowest interest rates ever. What are you waiting for?

David cooper 702.499.7037
Free Foreclosure List and Negotiation Checklist
http://www.lasvegaswinner.org
0 votes Thank Flag Link Thu May 2, 2013
Did you find a home yet? If you are still looking please let me know, we would be happy to help!

http://lvrealestatehelp.weebly.com/buying-real-estate.html



Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Wed May 1, 2013
No, it takes thiry days or less, depending on your financing, to close from the day you get the offer accepted.

Hope this helped!!
0 votes Thank Flag Link Tue Mar 12, 2013
You should be able to move in within 30 days depending if you are buying cash or applying for a loan.

If you are buying cash, you can close escrow as little as 10 -15 day in most cases. if you are applying for a loan, it should take about 30 days.

To search for all the current updated homes in Las vegas , visit http;//www.cvegashomes.com. If you would like to receive a free daily email of all the new homes, send an email to cevagshomes@gmail.com

Rena Levy
Broker/Associate
Certified International Property Specialist
702-612-7099
cvegashomes@gmail.com
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Mon Mar 11, 2013
You should be able to move in within 30 to 45 days depending on the bank and your mortgage company. We have a mortgage company that can close your loan within 30 days. Visit us at: http://www.lasvegasmanagement.com.
0 votes Thank Flag Link Mon Mar 11, 2013
Once your offer is accepted you can expect and average of 30 to 45 days in escrow. Once you close then property is yours and you can move in as soon as you like. Some REO's are distressed and will require rehab prior to moving in while others may be turnkey.

I hope this helps!


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon Mar 11, 2013
I have represented REO’s ( bank owned properties) for a number of different banks over the years and barring any unknown issues like title and or repair items required by the lender these sales are no different and a conventional sale. If you are a cash buyer the closing can be very quick if the asset manager at the bank is responsive. Bank owned closings should be no longer than a traditional deal. The biggest hold up is from the buyer’s lender and if there are appraisal call outs for repairs. If there are, then this can take some time to get approval from the asset manager.
0 votes Thank Flag Link Mon Mar 11, 2013
Bank own property waiting time just like regular sale, around 45-60 days.
But short sale wait longer ( 2-6 months) if you plan to move faster, avoid the shot sale.
Email me at wupeggy22@yahoo.com. I'll provide all available property informations for your request.

Peggy Wu
702-685-5455
0 votes Thank Flag Link Mon Mar 11, 2013
PENDING/CONTINGENT OFFER Too Late to Get This Deal. If You Have Cash, I Know of Another in the Same Building Coming Soon David Cooper http://www.lasvegaswinner.org

916 BOULDER SPRINGS Dr #201
Las Vegas, NV 89128
$56,800
Listed at Price
2
Beds
2
Baths 1,136 Sq. Ft.
$50 / Sq. Ft.
Built: 1990 Lot Size: —
0 votes Thank Flag Link Sun Mar 10, 2013
Asset managers for Bank owned properties prefer the shortest escrow possible. 30-45 day would be the average escrow period.
Good luck,
0 votes Thank Flag Link Sun Mar 10, 2013
Hello,....

Usually it doesn't take any longer then it does when purchasing an equity sale (Traditional Resale).

The short sales are the ones to watch out for.
They are the real time consumers,....it can take several months after an offer is accepted before the transaction is approved by the lender.

I would be happy to discuss the pros and cons of differing transactions with you.

Feel free to call or email me at anytime...

My contact info is below...

Sincerely,
Hank Lauzon III
Realtor

Exit Realty Number One
6600 W. Charleston #119
Las Vegas, Nv 89146

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://www.HanksLVRealestate.com

Email: HankLVRealestate@aol.com

Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Sun Mar 10, 2013
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