Home Selling in Venice>Question Details

Mary, Other/Just Looking in Venice, FL

How long does it take to close on a bank owned property?

Asked by Mary, Venice, FL Sun Nov 22, 2009

How long does it take to close on a bank owned property, it would be a cash sale.

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Hi Mary,
Preparation for purchase is the best way to get into a bank owned (REO) property. First, you need to get proof of funds for a cash deal or a qualification letter from a major financial institution. Second, You need a good agent to promote your offer over competing offers; most banks will price the property below market in order to spur competing offers, then wait 7 days and select the best offer, which may be more than list price. Once an offer is accepted it can close as soon as 7 days or, in the case financing, it could take 30-45 days, depending on your lender. Most all REO's are sold "as-Is" with right to inspect. If you want to get your foot in the door and would like a sneak preview of some pre-foreclosure properties, then please call me at 941-349-6465.
Bob Stahlschmidt, your real estate professional
Prudential Palms Realty
0 votes Thank Flag Link Mon Nov 23, 2009
Hi Mary, Bank owned properties (REO's) should close in about the same time a regular sale would close. It depends whether you have cash or a lender and need to do inspections. and an appraisal.

Be sure to make a difference between "short sales" and bank owned properties as short sales do NOT close fast. In a short sale the bank is not the owner but a third party and needs to consult with investors and often insurances in the background. Right now REO's are scarce here in Sarasota County but that may change soon. Good Luck!
0 votes Thank Flag Link Mon Nov 23, 2009
The fastest I have ever closed a short sale was 6 days. In some transactions it may take up to 30 days. I have had transactions which have been delayed by the Bank's Title Company dependant upon their backlogue. All Bank sales are "AS IS" transactions, which means the Buyer has the right to inspect the home and either accept or deny the home in it's current condition. Bank sales or "REO" sales can be contingent upon mortgage and appraisal or cash sales. Bank sales listing prices are negotiable, currently most are selling quickly at near ,or above, list price. For more detailed information I encourage you to call or email me directly.

Faye Doyle, LLC
RE/MAX Alliance Group
2000 Webber Street
Sarasota, FL 34239
Cell: 941-504-7496
Fax: 941-954-5455
Email: fayedoylellc@gmail.com
Website: FayeDoyle.com
0 votes Thank Flag Link Sun Nov 22, 2009
It depends on how fast your team can get you through the close. The fastest I've closed a bank owned with a cash buyer was 7 days.

Some banks may ask you for a 30 day close and you can always add an 'on or before' if you want to close fast.
0 votes Thank Flag Link Sun Nov 22, 2009
Hi, Mary,
It depends on the bank. Some close in 30 days, some 45. Cash of course is always better, if you're going to make an offer you need to include proof of funds, perhaps a bank statement with the account blacked out. DOn't forget about the tax credit for 1st and 2nd time home buyers. It's a great time to buy! If I can be of further assistance, please contact me.
Your friend in the business,
Kim : )
Kimberlie Slade, SRES, PMN, TRC
Seniors Real Estate Specialist
Women's Council of Realtors (WCR)
2010 WCR District XII Vice President
2006 & 2007 Past WCR Venice Chapter President
2008 WCR Chapter Mentor of the Year
2007 WCR National & Florida State Chapter of the Year
2007 WCR Chapter Business Women of the Year
2008 & 2009 FIVE STAR AGENT "Best in Client Satisfaction"
2008 Top Producer
Prudential Florida Realty
0 votes Thank Flag Link Sun Nov 22, 2009
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