Once approved for a foreclosure house, how long does it take to close escrow?

Asked by Girlygrl, Tue Mar 10, 2009

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Michael Barr…, Agent, Irvine, CA
Tue Mar 10, 2009
Hi there Girlygrl, REO or bank owned properties tend to close fast in today market.Oner the offer is submitted some nbanks get back tou buyers in matter of days, some maybe 1-2 weeks on average
Foreclosure is a broad term so it depends on the specific property

Hops this helps
Kind Regards
Michael Barron
Realtor/MBA
First team Real Estate
(714) 552-6817
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Mark G. Mann…, , Upland, CA
Tue Mar 10, 2009
Hello,

It depends on what you mean by foreclosure house.

A house that has already gone completely through the foreclosure process, will now be owned by the bank and the length of the escrow is more typical, and right now between 45 and 60 days.

A house that is currently in the foreclosure process, that is being listed for sale by current owner is usually what we call a 'short sale' , when the amount still owed the bank is greater than the sale price. In these cases, the length of escrow is usually much longer. I have seen 3 to 6 months being common. This is because there are more parities involved, the bank owed has to approve of everything along with buyer and seller.

If you have more questions, please feel free to contact me.

Mark Manning
951.237.3741
MarksHomesAndLoans@hotmail.com
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