I am trying to by a house or an apartment which is foreclosure. Hoe long will it take to close the whole process

Asked by Latha1sri, Burbank, IL Sun May 5, 2013

This question was asked from this property: http://www.trulia.com/foreclosure/3116483665--Mason-Ave-Burb…

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Bob Brandt, Agent, Schaumburg, IL
Tue Sep 10, 2013
Usually 30-60 days depending on all the details....
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Amani Ghouleh, Agent, Orland Park, IL
Tue Sep 10, 2013
For Foreclosure it's faster to close if it was a cash deal, but It's usually more than 3 months to close it depends on the bank and the their lawyer how ready and prepared in this field.

But my insight on this is that I hear you saying I want to buy a good deal, and there is lots of great deals in the market right now especially if you have a good realtor/negotiator on your side. Of course there is short sales and pre short sales but almost every property on the market the owner has listed it to sell it for what ever reason, a lot of sellers will come down to the market fair price.

You have anymore question Please Call me I'd love to share my expertise 708.601.3713
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Riccardo War…, Agent, Bolingbrook, IL
Mon May 6, 2013
Gosh, that is a multi faceted question. If you are lucky??? 60-90 days..... If you are typical??? 4-9 months. It is going to depend on the lender, the bank, and a whole bunch of other factors. Short sales are good deals but it takes some time to get them done.

Sean Cochran
Quality Mortgage Lending
"We do FHA Loans down to a 600 Fico"
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Suzanne Hami…, Agent, Orland Park, IL
Mon May 6, 2013
From the time you put in an offer until the time you close on a foreclosure is usually 30-60 days. There are a lot of variables, such as the time it takes for the seller to sign a contract, the time it takes to get utilities on, inspections, appraisals, but mostly the time it takes your lender to process your approval.

However. sometimes it does take a while to get to the point of offer and identifying the home you want.

The home you have selected is an auction property. The price you see is an opening bid, not the final price.

If you want any more information on this process. Please feel free to contact me.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
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