What is the process for buying a REO owned home? - Zillow Real ...

A typical REO or Bank Owned transaction takes 45 days or less. If you are paying cash then you can usually cut that time down to at least 21 days but not much more since the bank is dealing with multiple properties and they just don't have the time to act as quickly as you do.

Each bank tends to have slightly different procedures but I would always anticipate at least a 72 hour response time during the work week (Mon-Fri) and don't expect any answer over the weekend. They are a bank after all and keep banker's hours :-)

Banks are overpricing their listings out of the gate. At least in San Diego and Phoenix they are which are the two markets I cover. They are aware that prices are coming up so they start high and slowly reduce their price until it sells so as not to leave too much money on the table. Make sure you have a good agent who knows how to "run comps" i.e. is good at analyzing market value of a property. This will be vital in determining when you make your offer and also making sure you don't over pay.

Dave Kaushagen
Realtor
San Diego, CA
Scottsdale, AZ

Source: http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/

aspirin 21 jump street illinois primary results acapulco mexico hines ward alex smith alex smith