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if a house is "bank owned" but is listed under foreclosure is it still a long proces to buy it when using cash?

I am trying to help my disabled mother purchase a house that was listed under foreclosed homes and it says it is bank owned and sold as is I just kind of feel lost I am just wondering when we pay the money for the house is it a long process until the house is actually in my mothers and she will be able to move in or since it is bank owned and we will be paying cash is it gonna be a short process THANK YOU

Public Comments

1. Purchasing a bank owned home is the same process as buying from an individual. You make an offer, they accept and usually withing 30 days you close and move in. Cash will shorten the process, since almost every time the loan process delays the close. You should always get a Realtor to work for you. They don't charge you anything because the seller (bank in this case) always pays the buyer's agent, not you. Be sure to make the offer contingent on property inspection and termite inspection, and a right to cancel based on the results that are strictly your choice. Do not get involved with "short sales" or "in foreclosure sale"! They take forever (3-6 months) and in the end, you may still not get the house. If you are in California, I specialize in foreclosed homes, so contact me and I'll be able to help you.
2. It does not have to be a long process. The banks are swamped with repo's but they have gotten much better recently. You can usually close the sale in 30 days. The banks have designated someone at the escrow company to sign the deed for them with a Power of Attorney. So you no longer have to wait for someone in another state to sign your mom's new deed. The sales that take forever are the "short sales" but you are avoiding that by buying directly from the bank..