Some banks with REOS are so backed up with paperwork & red tape that it is taking a long time to close. 80 days sounds like a lot though. On average for the long closings for REOS, I see 60 days.
Call the listing agent's broker if the listing agent is non-responsive and demand that he/she speak with the asset management company to find out what the heck is taking so long.
You should also check the comps in the neighborhood right now for the size / condition of home you are buying and make sure that you're not overpaying for this REO.
You are the buyers on the Bank owned Property right? Are you represent by an
Agent or not? My question to you is what kind of escrow period do you have 30
days or 60 days if the contract 60 days you have to have an extension to the
contract. You are buying a property that is REO bank owned. If it is SHORT SALE
it different it might closed or nothing at all.