I just did two Fannie Mae REO's and it took a few days on one and over two weeks on the other. Then it took about 2-3 weeks after that to get the seller signed/executed contract. Both closings went past the closing dates also due to the seller having to approve the HUD-1 and not being able to do it in a timely fashion. Perhaps there is just a big backlog with AZ foreclosres and that is why but, just sharing my recent experience. Mostly with banks I have found a better time-frame of 1-5 days.
Realtor, GRI, CSSN
John Hall & Associates