Zillow Advice: Buying Process - What is the process for buying a REO owned home? http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/ Zillow Advice | Zillow Real Estate I have seen REO transactions ... http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/ I have seen REO transactions receive a same day response to an offer, and close within 2 weeks.<br/><br/>Buying REO's can be competitive, with multiple offer situations in many areas at entry level price ranges.<br/><br/>Cash buyers with a short escrow period usually receive bank acceptance over buyers with mortgages that need longer escrow periods. Mon, 17 Dec 2012 14:22:00 GMT http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/ 2012-12-17T14:22:00Z A typical REO or Bank Owned ... http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/ A typical REO or Bank Owned transaction takes 45 days or less. If you are paying cash then you can usually cut that time down to at least 21 days but not much more since the bank is dealing with multiple properties and they just don't have the time to act as quickly as you do.<br/><br/>Each bank tends to have slightly different procedures but I would always anticipate at least a 72 hour response time during the work week (Mon-Fri) and don't expect any answer over the weekend. They are a bank after all and keep banker's hours :-)<br/><br/>Banks are overpricing their listings out of the gate. At least in San Diego and Phoenix they are which are the two markets I cover. They are aware that prices are coming up so they start high and slowly reduce their price until it sells so as not to leave too much money on the table. Make sure you have a good agent who knows how to "run comps" i.e. is good at analyzing market value of a property. This will be vital in determining when you make your offer and also making sure you don't over pay.<br/><br/>Dave Kaushagen<br/>Realtor<br/>San Diego, CA<br/>Scottsdale, AZ Thu, 13 Dec 2012 07:00:00 GMT http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/ 2012-12-13T07:00:00Z Buying REOs is much easier ... http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/ <p>Buying REOs is much easier than short sales. Typically,the transaction takes as long as a standard sale (30-45days). The banks usually respond in a week or so, but again, this varies. The main difference between REOs and standard sales is that one buys the property - as is-. The banks do not want to make any repairs.&nbsp; If you let me know which area you are considering buying in I can send some listings to you and explain the process more fully.&nbsp; Thank you. Katherine</p> Thu, 13 Dec 2012 05:32:00 GMT http://www.zillow.com/advice-thread/What-is-the-process-for-buying-a-REO-owned-home/471176/ 2012-12-13T05:32:00Z