Are you in a hurry of having something you can call your own? You may want to have your own house right now and yes you can have it, given you have all the resources to buy a new house in the market.
However, the case is different when buying a foreclosed home. Even if you have what it takes to get it, time is still an element to the possible delay of getting it. Yet, the time frame varies depending on your financial situation.
Here are few situations that can give you a clue as to how long it takes to buy a foreclosed home:
If you don't have a loan
If you are interested in getting a foreclosed home yet you do not have any loan on the record, then secure one. After filing for a loan, wait for at least one month to get all the requirements done. Then, give it one more month for the processing. So, it will take about two months to complete your foreclosed home purchase.
If you have a preapproved loan
You are in a far better position to be granted the purchase of a foreclosed property should you have a preapproved loan, according to Ezine. If you have preapproved loans, the higher the chance of getting the process started because you have already built a good financial reputation and the bank can trust you. Just wait for about a month only for your foreclosed home deal to be closed should this be the case.
If the foreclosed home is available for purchase and you are an eligible buyer
Foreclosed homes are mostly bank-owned already and they are vacant. Once you can provide all that the bank asks for you to comply as soon as possible, your moving in can be sped up. Perhaps, a month or so will be too long for you to wait especially if you can pay upfront.
Despite all the possible steps you can do to speed up your buying of a foreclosed home, rest assured that buying a foreclosure will never be a breeze. Robert Jenson, Jenson Group owner and founder based in Las Vegas, said that it is a bit of a grind and it's not easy.
"You're getting fantastic pricing, but sometimes it takes going through a lot of houses and writing a lot of offers to get the home you want," Jenson commented via Bankrate.
