how long to close on a reo property?
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Kathy Holmes said:
True REO properties --those already owned by the bank and being marketed shouldn't take any longer than a traditional real estate transaction--30-45 days in today's market. If you are thinking of a property that is being handled as a "short sale" -- there seemingly are no rules--although with recent legislation the time periods should be getting shorter. Realistically-- look to 3-4 months and consider yourself lucky if you get throough the process in that time frame. Patience is the key--and if you have none--stay away from those types of properties becuase you'll end up a frustrated , angry mess.