HUGE problem in dealing with REO's is that they really are made for the all cash buyer. Contract terms are harsh and filled with "Time is of the essence" clauses, which in short mean close by this date or lose your downpayment.
If you are pursuing an REO and are seeking financing as well, I recommend offering as little a downpayment as possible since the DP is what is at risk in a default. I assume if you are inquiring about a 30 day close, the terms of the contract MAY state in sum, you are free to get a loan, but the requirement for you to close is by a date certain and therefore, your downpayment may be at risk.
Of course if your attorney is successful in negotiating a fair contract, you do not have to worry, but as I said, in my experience, the majority of these deals can't be negotiated for more favorable terms.
Unless you contractually obligate YOUR LENDER to pay penalties if they miss the closing date, they remain in the driver seat.
The lender a buyer chooses has significant influence on the competiveness of their purchase offer and imposes significant cost to the seller should the lender go goofy.
Natorious lenders like Chase, Bank of AMerica and Wells Fargo have a well established track record regarding the folly of a 30 day closing.
Regarding your specific situation, more information would be needed. Your agent is your best resource. If you ignored their lender suggestion, what happens regarding the 30 day close is on you.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
30 days is a very short time period it is not impossible but I can assure you that it is extremely unlikely. I have closed homes in 27 days as regular sales, the fact that the property is an REO will most defiantly take it over 30 days in most cases. If you have any further questions feel free to call me directly.
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
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PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
All the Very Best
Dave & Lisa