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Buying house question

Is it faster or slower closing on a house owned by a bank?

 
SalemWitchChild

Asked by SalemWitchChild at 2:32 PM on Jan. 24, 2010 in Home & Garden

Level 23 (15,594 Credits)
This question is closed.
Answers (4)
  • from my experience faster. usually if the house is in foreclosure there are less stipulations like current owners and their wishes to deal with. but as long as their are no liens or property issues it should be a faster process.
    xtwilightx

    Answer by xtwilightx at 2:38 PM on Jan. 24, 2010

  • It depends on what kind of sale it is. They are sometimes super quick and sometimes drag it out for months waiting for the right offer. They're also a lot less likely to work with on price or repairs. It just depends on the individual situation.
    Anonymous

    Answer by Anonymous at 2:42 PM on Jan. 24, 2010

  • I agree with ANON, if it's a local bank and the seller has been in contact with them it can go really fast! Our seller had her bank approval within the first 24 hours.. however.. if it's a huge national bank that they are dealing with and the seller isn't on the ball about things, it can drag on for 6-9 months. Especially now that there's a such a huge inventory of short sales/foreclosures- and there really is no room for negotiation monetarily, unless it's a huge health/safety issue. We got our price down an extra $5,000 for a water radon system! I'd go the normal route unless you find a huge bargain on a house that has minor repairs needed! Good luck!
    LishaBee

    Answer by LishaBee at 3:12 PM on Jan. 24, 2010

  • my ex's house was on the market for a week. the bank wanted a super fast sale and when the last offer came in for the house on the specific time frame they wanted they picked his bc it was above what they wanted. he closed in two weeks. if yours has been on the market make that offer and i suggest it being low! they can counter or just throw your offer out and then the next day you can offer exactly what they are asking and know you got it.
    angevil53

    Answer by angevil53 at 4:08 PM on Jan. 24, 2010