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Just won our offer on a house for three months, it is still hitting the market is in high demand right now. Anyway just opened escrow, how long it takes to close on average. You already have our mortgage and any deposit. I think we need to look at the house and do an inspection. Excited first home

2 Thoughts on What is the average time to close escrow on a house bank reo?
  1. Reply
    loanmasterone
    January 11, 2013 at 4:41 am

    You are almost there. The primary things have been accomplished. Your offer has been accepted, you have your mortgage loan approval. the lender would soon order an appraiser to appraise the property, and if you desire you may obtain the services of an inspector.

    You might look at you offer that was accepted by your seller, the bank/lender. You offer contract might indicate, the seller is under no obligation to repair any damages to the property and is selling the house in an as-is condition. This would deem an inspection not worth the time, unless you would be interested in knowing iF there are things that need your immediate attention once your escrow have closed.

    If you are approved for an FHA mortgage loan the appraiser would indicate any damages to the house that would need repairing prior to the closing of your real estate transaction.

    Since you have most of the things necessary to complete escrow closing you should be able to close in about 20 days or less.

    There might be additional information and documentation required by your lender. This is normal, don’t stress out over this request. The faster you provide what is requested the faster you would close.

    Do not purchase any major items, like furniture on any of your credit cards, and do not apply for any additional credits or other credit applications. When closing your underwriter would request a final credit report. It goes without saying but this include purchasing a automobile also. Your credit report should reflect what was currently on it at your mortgage loan application. Using or applying for additional credit would or might affect you debt rations.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  2. Reply
    Ron
    January 11, 2013 at 4:52 am

    I highly doubt you will close in 20 days on a REO purchase just to be realistic after the appraisal and inspections something will come up especially with a foreclosure. If your going FHA they are even bit more anal on the types of property they insure so sometimes they can give you a hard time even for the smallest things like water,gas not being turned. Then you have to get the agent to turn everything on and then re-schedule another inspection e.t.c. so make sure you stay on your agent to have all the utilities on,light fixtures in place OH and if your in california all properties need a carbon monoxide detector little things like that can cause for a re-schedule (I had to re-schedule a inspection because the metal strap wasn’t around the water heater). Not trying to discourage you just giving you real scenarios with a transaction of this type other than that you should be fine a little patients will get you through it. Onwards and Upwards!!!

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