Timeline on buying a REO?

cawl · November 2011

We're thinking of putting an offer on a REO. I'm wondering about the timeline? Is it closer to a traditional sale? How long does it take for them to respond to the offer and how long for closing? The first home we put an offer on is a short sale and it has been a long nightmare. Just wondering if this will be quicker and less painful?

Justinlove · November 2011

Closing time will depend on YOUR bank. Most REOs are ready to go and want to close as quickly as possible. It took the REO bank longer than a traditional seller to respond: 2-3 days on average and they don't work on weekends. Once we settled on a price, everthing went through as quickly as our lender moved.

It is different than a short sale--so the timeline is more like a traditional sale.

PeanutsCL · November 2011

We bought a home owned by HSBC and they were actually VERY slow. Part of the problem was that we had an FHA loan (don't buy an REO with an FHA loan - just dont!) But even FHA issues aside, it was as if no one at that bank was in the business of getting rid of homes. A LOT of nagging had to happen. We went under contract in June and closed mid-October. That was just my experience, though.

katharine25 · December 2011

All I can say is good luck and get lots of wine. Our REO took a month to go into contract !!!!!!!! then two months to close in a renovation loan (ie NO Time to get pmans and specs set, contractor bids, all he ducks in a row) when I needed 2 days to be cleared to close, they became absolute a$$es. I will NEVER bank with BOA. But my bank (Wells Fargo) proved to be understanding and wonderful to work with, so it all worked out

Timeline on buying a REO?

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