HomeSeeker Center By; Don Sieb To successfully purchasing a Bank Owned Properties (REO) requires more attention to timeline than many traditional resale purchases. Banks love to move fast. The offers that are received to the bank must be willing and able to close in a very short amount of time. Bank Owned Properties (REO), normally require the buyer to be able to close final escrow within 10 to 15 days of the offer being accepted. In fact, for the offer to even be considered, the buyer must be Pre-Approved by a lender before an offer is extended. Pre-Approved is different than PreQualified. Pre-Approval means that all the buyer’s documentation, credit reports and assets have been verified by the lender with underwriter approval showing that the buyer will receive a loan subject to an ap...
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