How long will it take to receive a written approval from the bank for a Forclosed/REO house?

Asked by Triciaslcd, Las Vegas, NM Sat Jan 15, 2011

So I just receive a verbal approval from the bank stating that I have been approved of buying the foreclosed house and my Realtor said that we are only waiting for the written approval by Wells Fargo and she said that it will take about a week?What do you think?

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Mike Malvey, Agent, Fort Collins, CO
Sat Jan 15, 2011
A week or 5 business days is typical for REOs. Trust your realtor but understand that the banks work at their own pace.

Good luck.
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Renee Burrows, Agent, Las Vegas, NV
Fri Jan 21, 2011
sounds typical to me! Sometimes it is 2 days, sometimes it can be weeks and weeks!
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Scott Godzyk, Agent, Manchester, NH
Sat Jan 15, 2011
It is typical to first have an approval by email or through the bank (sellers) web portal that they accepted an offer pending receiving signed bank addendums within a specified amount of time. After you placed your offer, they should have responded with a set of bank addendums, they usually mirror the terms of the opruchase and sales and state teh sale is as is with the sellers disclosures. Once you sign these and give your EMD (cashiers check) it is submitted by the listing to the bank (seller). I have banks who will sign the offer and send it back the same day, the others do not take more than 72 hours to get signed docs back to me that i can than forward to the buyer or their buyers agent. If you are buying a short sale and requre a sugnature , that is under another set of timelines.

Please see my blog with tips and advice on buying a bank owned home.
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Phil Rotondo, Agent, Melbourne, FL
Sat Jan 15, 2011
I think she's right..........
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