Purchasing a REO is simple. Once you find one you want, you submit your offer through a real estate agent along with your pre approval letter or proof of funds (if paying cash) along with any addendums the bank requires.
How long will I have to wait?
It’s not unusual to get an answer in less then a week, with closing in 30-45 days (sooner if paying cash).
What condition are bank owned homes in?
Some are in pristine shape, some are torn to pieces. You should have a home inspection so you’ll know what you are getting into!