Home Buying in Henrico>Question Details

Lolita Turner, Home Buyer in Midlothian, VA

how long does it take to close on a foreclosure?

Asked by Lolita Turner, Midlothian, VA Wed Apr 6, 2011

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Not that long. Assuming the bank has done everything on there end that needs to be done, and they usually have, maybe a few weeks at best. I just closed a foreclosure, FHA financing in about 3 weeks.
1 vote Thank Flag Link Wed Apr 6, 2011
Lolita it depends on a few factors, first make sure the foreclsoure deed is on record, this is the number one cause of delays in foreclosure sales, now assuming that the foreclsoure deed is filed, i have had cash sales close in 7 days. The bak often requests closings no more than 30 days while soem allow 45 days. If you are getting a mortgage ask your loan officer before making an offer how much time they will need, make sure they can work without delay to close within the sellers time frame, so bottoline if conventional mortgage closing is usually 30 days and fha is 45 days.

Please see my blog with a complete list of tips and advice for buying a bank owned home

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…




Good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Wed Apr 6, 2011
Lolita;
Cash Transaction - A couple of weeks to a month.
Conventional - 30 days
FHA or VA - 5 Weeks
Web Reference: http://www.321property.com
1 vote Thank Flag Link Wed Apr 6, 2011
Lolita,
I have seen some close in as soon a 2 weeks (for a cash deal). Others depend on when your financing has been secured.

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes Thank Flag Link Wed Apr 6, 2011
Contract to close 30-60 days. Not the same for short sales.
0 votes Thank Flag Link Wed Apr 6, 2011
I agree with the answers already posted but want to clarify that the time frame depends largely on the loan process. That's why, with a cash deal, you're able to close so much sooner, as the title search would be the primary factor in timing. If getting a loan, the best thing you can do to speed things along is to have all of your financial information gathered, make loan application as soon as there's a ratified contract, and don't delay in providing the lender with any requested items.

Foreclosures are so much easier to work through than in years past. Good luck!
0 votes Thank Flag Link Wed Apr 6, 2011
Depends on several factors:
- Are you financing this purchase, count on 4-6 weeks minimum
- If you are paying CASH, some banks are asking for a 2 week closing
- If the home has title problems, the amount of time to close is infinite.

Overall, most banks usually want a 30 day close. But, remember, everything is negotiable.
0 votes Thank Flag Link Wed Apr 6, 2011
Forclosures are not that bad. Most banks want to get the property off their books and will move quickly to respond to an offer and schedule a closing. Having said that, the bigger the bank, the more red tape you may encounter. Most forclosures have already gone through all the challenges associated with getting Underwriting, investors, or other third parties that need to approve the sale. I much prefer working with forclosed property compaired to a short sale which so frequently has not gone through the due dilligance yet.
0 votes Thank Flag Link Wed Apr 6, 2011
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