OfflineI'm new to the program and found a 17 year old 2 BR, 1 BA ranch that doesn't need much updating (paint, new carpet). The bank originally wanted $45,000, then came down to $40,000. My first offer was $30,000. After going back & forth, I got the bank down to $34,500. I'm so excited! My question is how long does it take for a bank to close on an REO property? This is a cash deal and I want to pull equity out of the property to purcase another. Any additional info. on REOs would be appreciated!
Thanks,
Donna
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Each bank can be different. The key to remember is how quick the title insurance policy can be compelted and how quick you may want to close. Most banks are happy to close in less than 30 days and if you inqurie about a speedy close, they should be happy to comply. If you find out the title company they will use, they could also provide an idea on average time to close. Good luck on all your deals. Believe and Achieve!
- Joe
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