What is Different About Purchasing Foreclosures-REO-Bank Owned Property?
To successfully purchase a Bank Owned Property (REO)...it requires attention to short time lines compared to traditional resale purchases. An offer received by the bank must be able to close escrow in a very short period, usually 10-15 days of the offer being accepted.
In fact, for the offer to even be considered, the buyer must be Pre-Approved by the lender before the offer is extended. Pre-Approved means that all the buyers documentation, credit reports and assets have been verified by the lender with Underwriter approval showing the buyer will receive a loan subject to an appraisal.
Why Is This Important?
The lender needs to receive an acceptable appraisal, receive clean title to the property and proceed to closing all within a very short period. With the changes in the appraisal process, many lenders simple can not get all this work completed within the allowable time lines.
HomeSeeker Center Has Partnered With Golf Savings Bank to Expedite the Process For Its Clients Golf Savings Bank has consistently demonstrated its ability to move quickly and accurately though the loan and closing process. You can trust Golf Saving Bank to work diligently to a successful close on Bank Owned Property.
Golf Savings Bank
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