Actually a Realtor-listed house. Is it 30 days as a regular sale?
3 thoughts on “How long escrow takes if I buy a foreclosure house?”
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Actually a Realtor-listed house. Is it 30 days as a regular sale?
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The 30 day thing is a tradition. You can close in 5 business days if your agent is hot and your finances are in order. Once a bank owned property is in escrow the only thing that really needs to be done is getting your money on the table.
Impossible to give you a correct answer on this without knowing a lot more about you and your credit situation. Foreclosures are always iffy and that is going to effect the transfer as well. Talk to the agent and ask for an estimate from him or her. They will have a better take on the situation.
I would be surprised for you to close in 30 days.
It depends on your locale. Here in New York 30 days is considered lightening quick, but I’ve seen properties close in places like Texas in 2 weeks. There might be some additional red tape if it is a bak-owned foreclosure or short sale. But 30 days seems reasonable, assuming your financing is in place.