It may take a little longer buying a foreclosure vs a regular sale due to all the legalities that come along with the first one. Financing time it will be the same, closing process is longer than a regular sale.
One thing that could affect things in Alabama is the 1 year right of redemption. IF the property was foreclosed less than a year ago you will only be able to finance up and to the amount that the bank bought the home at the foreclosure auction. If over a year has passed, you are in the clear. I assume if you are financing with the bank that holds the foreclosed note, and the property it could be a slightly smoother process.
Best of Luck!!
It should not take any longer buying a foreclosure than it would an owner occupied hmes as far as obtaining a mortgage. They type of mortgage you get will affect the time it takes to close. Cpnventional loand should take 30 days, FHA and USDA should take 45-52 days. You do want to make sure a bank owned home is in the condition required for your type of loan.
One other thing...there are LOTS of legalities that come along with the purchase of a foreclosure that a buyer needs to know. It is a different "animal" so to speak than a regular sale due to right of redemption issues and other legalities.
Financing generally takes the same amount of time, however, the closing process can be extended beyond what a normal transaction takes due to dealing with a bank, title issues, etc. But in general, you should be able to close in about a 30 day time period.