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How long will it take to close on a HUD owned home?
What about a bank owned foreclosure?
Does it make any difference if we are paying all cash vs. financing?
I've been told to expect 45-60 days. Does that sound right? Is there any chance of closing in a 30 day window?
We are trying to buy mid to late June and close by middle of July, but at this point, if it's going to take 60 days to close, we may have to find a "Plan B".
A cash purchase will usually be quicker. The time it takes will likely depend on the particular bank and perhaps the area...and whether there are any contingencies. I bought a bank-owned house for cash and closed within 3 weeks.
But, if you've been told 45-60 days (by someone reputable?) maybe that's the norm for your area.
Usually the biggest delay is getting from the offer to the contract which can take weeks. The banks typically prefer a quick close, many ask for 30 days. If you have cash, I don't see why 21 days wouldn't work. Shorter than that is hard due to all the paperwork and authorizations the bank has to go through.
So this would mean 45 days to close *plus* however long it takes from offer to contract? (several more weeks)
One real estate agent told me 45-60 days and the other said 30-45. This is very important for a buyer to know, esp since the next school year starts Aug. 1st where we are going.
Which would be better if we need to close asap: a HUD home or a bank-owned foreclosure?
So this would mean 45 days to close *plus* however long it takes from offer to contract? (several more weeks)
One real estate agent told me 45-60 days and the other said 30-45. This is very important for a buyer to know, esp since the next school year starts Aug. 1st where we are going.
Which would be better if we need to close asap: a HUD home or a bank-owned foreclosure?
Yes 45 days from acceptance of the contract. HUD is fast. Bidding is online so once you know your bid was accepted it is 48 hours to get the contract to them with escrow. Then you are off and running.
There are no guarantees with either of them. You just need to buy a house you like. If you have to have a guaranteed move in date, don't buy one. Stuff happens. Things need to be cleared off title, etc.
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