pre foreclosure marketing
How long does it take to close on a purchase of a pre-foreclosed home?
Also, how long does it take for the bank to accept your bid on a pre-foreclosed house. My family just put a bid, for the asking price, on a home thats been on the market for two years and has been in pre-foreclosure for three months. We want to move in before the school year starts, since our previos home now has tenants in it, so we are living with family until we close on this one. There are a lot of foreclosed homes in the area, so will this take longer than a basic retail sale?
A pre-foreclosed home purchase is the exact same as a traditional purchase. The only difference is that the sellers are in a difficult financial position.
As long as you are buying the house for more than the sellers owe, the seller’s bank will have no influence on the sale.
If your financing is in line, you will have no problems getting in there before school starts.
