If you have made an offer on a bank-owned home (REO) and they have (finally) accepted your price, you are in for a wait, and need to be patient. For a number of reasons, the process for an REO escrow can take longer than a standard escrow. Knowing it can take longer to work through an REO escrow can help make the process much less stressful.
*The Seller of an REO - a Bank or Lending Institution - may have many properties in escrow at once. This means that what may seem like a simple response to a question can take days to be considered, much less answered.
*An accepted offer or contract may take several days to be uploaded onto the Seller’s online system where it will only then be listed as a “task” to open escrow.
*Banks must follow specific, strict procedures that can take longer than a standard escrow.
*The HUD process takes approximately five days after the Buyer has signed the loan.
When all parties - buyer, seller, and both Realtors, understand how these differences add time to the process, they can allow the escrow officers to focus their time on processing the transaction. Ultimately, your patience can lead to a successful (and less stressful) transaction for everyone.
There are many opportunities now in Daytona Beach for buyers and some great bargains in REO properties. But you need a Realtor experienced in the process to guide you through. I have a lot of experience in representing buyers in distressed property purchases. Let me know how I can help you add a bank-owned home to your Daytona Beach investment portfolio.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.ormondbeachscene.com
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