Home Buying in 77536>Question Details

Dadd0529, Home Buyer in 77536

how long does it take to complete the process of buying a foreclosure?

Asked by Dadd0529, 77536 Tue Apr 24, 2012

Help the community by answering this question:


Typically because the home has already went through the process it would not take much longer than a normal purchase. This is because you are dealing directly with the bank negotiator. In a short sale for instance you could literally be at so many different points. The lenders can be hard to work with and the listing agents have varying levels of knowledge depending on how much experience they have.

I have represented many clients buying foreclosures and they just about always go smoothly and close on time. Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
0 votes Thank Flag Link Thu Apr 26, 2012
Usually no longer than a typical closing. It is the short sales that take forever (if they close at all). If you have any more questions, please feel free to contact me.
0 votes Thank Flag Link Wed Apr 25, 2012
Typically no longer than a normal sale.
There can be special situations that take longer, but this can happen with regular equity sales as well.

The main difference is the seller is typically only available business hours M-F. So if you make an offer on Friday night, you may not get a response until Mon or Tuesday the next week.
A real person seller might respond the same day or on Saturday Sunday.

This is not normally an issue, but occasionally can cause some delays as well.
0 votes Thank Flag Link Tue Apr 24, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
It depends on the type of foreclosure and any financing you are securing. I just closed a HUD foreclosure for cash in about 3 weeks. Can I help you in any way?
0 votes Thank Flag Link Tue Apr 24, 2012
The actual purchasing of a foreclosure takes.no longer than any other home and is all dependent upon your ability to close (obtain financing or pay cash). What takes the most time is getting the right offer in and awaiting the response that there may be mtiple offers and reoffending (if one is given that chance) and then maybe having to do that multiple times until you finally secure a home you want. Deal with an expert that knows the ins and outs and you'll close on thT foreclosure in no time. Call me for help!
0 votes Thank Flag Link Tue Apr 24, 2012
It depends. If it is being purchased on the court house steps, it takes very little time (same day.) If it is being purchased through the MLS, it takes longer. If the buyer is paying cash, it can take 10 days or so once an offer is accepted. If other financing is being used, it will take as long as it takes to get the loan and to get through escrow. Usually 30 to 60 days.
0 votes Thank Flag Link Tue Apr 24, 2012
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