Home Buying in Philadelphia>Question Details

Rachel, Both Buyer and Seller in Philadelphia, PA

I want to put in a cash offer on an REO property with no contingencies. How long does it take to close?

Asked by Rachel, Philadelphia, PA Sun Feb 2, 2014

I want to close asap but what is the minimum time needed? Also, do I choose my own title insurance company or does the bank that owns the property choose it? Thanks in advance for any advice!!

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Answers

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Are you working with a Realtor? If not, you really should be. They'll be the best source of information. They will be looking out for your best interests throughout the entire process. And they can get answers for you about the property, and now long it will take. Every REO transaction is different. Sometimes you can close quickly (if there are no issues with the inspection or title). I just closed on a Fannie Mae owned property last month, that should have taken only 30 days to close, but it took more like 60. Again, talk to your Realtor.
1 vote Thank Flag Link Sun Feb 2, 2014
Thanks Sally for exercising the flip side, which can definitely occur.
Flag Tue Feb 4, 2014
Rachel,
A cash offer is an offer the bank loves to receive. Thirty days is probably is as soon as the bank will be able to do it. The sooner you want to close is also a plus for the REO company. It all depends on their process. But you have these two things going for you that they like. CASH & Quick Settlement.

The title company is usually chosen by the Buyer. Somtimes if the REO Company wants you to use theirs. In that case they will usually pay for the title insurance. It is usually still your choice as the buyer if you want to use theirs or yours. Everything in real estate is negotiable.

To make the deal work you will need is a executed contract (signed by buyer and seller) a deposit check. a letter for proof of funds to close, a clear title report from a good title company that you want to have do the closing.

I Hope this is of help.

Rich
0 votes Thank Flag Link Tue Feb 4, 2014
Hi Rachel!

With cash and no contingencies you can close 30 days or less!

More than likely you will use the Seller/Banks Titile Company.

I have done several of these deals!

Please contact me to get started.

I'm available any day of the week or weekend.


Gratefully,
Alexis Of
Liberty Bell Real Estate Agents, LLC
Office Number: 215-885-3332
Direct Number: 215-237-4147
Email: alexisjrealestate@gmail.com
0 votes Thank Flag Link Tue Feb 4, 2014
Hi Rachel,

The REO purchase process can be shortened SIGNIFICANTLY if you are purchasing with cash. I work with REO properties regularly, and I would be happy to answer any questions that you have about navigating this process. It could be ery beneficial to enlist the help of a real estate agent early in the process. Feel free to reach out to me with additional questions.

Thanks, and best of luck! -Jo

Keller Williams Realty Group
JoMajor.kw@gmail.com
0 votes Thank Flag Link Mon Feb 3, 2014
Normally REO properties can be settled quickly say 45 days or less, especially with no contingencies. I would recommend you get title insurance as we have run into some issues. Allow enough time for your title search to be completed. Often, the bank would like you to use their title company and may offer an incentive if you do. Proceed with caution in terms of clear title and additional fees that may be in the REO addendum to the contract. Good luck with your purchase.
0 votes Thank Flag Link Mon Feb 3, 2014
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