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Buyers interested in purchasing bank-owned (foreclosure, not short sale) homes must be able to make settlement within 30-40 days. Those who plan to sell their existing home should have it on the market and under contract prior to making an offer on a bank-owned home as banks do not accept offers contingent upon the sale of an existing home. Although many bank-owned homes need repairs, buyers may still elect to borrow the money needed for purchasing and rehabbing the property. There are multiple rehab loan programs available for those looking to purchase bank-owned houses. Broadly speaking there are offerings from both the banking sector as well as private niche companies. Buying a foreclosure/REO is not the same as buying other homes. If you are considering the purchase of a foreclosure, consult a specialist.
