To answer your question, it depends. But foreclosure or REO properties have generally been closing between 1-2 months.
I would add though that foreclosures aren't always the deals that people think they are. There is no negotiating with a bank. In addition the condition of the property can be questionable. And if it is in great shape and priced well below market, chances are that it is receiving multiple offers that are pushing it up to market value anyway.
There are many other properties on the market that are in good shape and are reasonably priced. I would encourage you to speak with an agent to determine your needs and your price point to find the best property.
Feel free to reach out to me with any questions. I am very familiar with the market in Arlington and Fairfax counties.
Jamie Lee DeSimone
Realtor | Residential Property Enthusiast | Cat Wrangler
Keller Williams Capital Properties - Fairfax