Shannon asked:
We are putting an offer on a bank repo house tomorrow, if they accept our offer, how long does it take to close and have the keys in our hands? I know we had to have proof of funds to go along with the offer.
- Author: Admin
- Published: Dec 23rd, 2009
- Category: Renting & Real Estate
- Comments: 1
Question about buying a bank repo house?
chicagobrokerguru
on Dec 24th, 2009
@ 8:04 pm:
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That’s not an easy question to answer. If it’s a short sale (bank is losing money) it will usually take longer. Normally, a bank owned property can close as quick as you can (your lender). Negotiations usually take a few days. My last bank deal we waited about 2 days in between counter-offers, and closed in 30 days. The deal I’m working on now, I put an offer in about a month ago and still have not gotten a response back from the bank. They just got an appraiser out there this last Monday (beore they would counter-offer), and I still have not heard back. Bank deals typically take longer than normal depending on the bank. Sorry I can’t give you a straight answer, but there is no really good answer to give. Hope this helps a little!