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Need advice on buying a foreclosure/short sale!?

In a sticky situation and I need some advice! Hubby and I put in an offer on a short sale in January, thinking we would have plenty of time to close, since we were hopefully going to do so March 20. Unfortunately the seller was an idiot and failed to give her lender the paperwork in a timely manner. So now we're in this situation: We can accept a pre-closing occupany for this home in which we will move in the end of April and live there rent free until the closing of the sale. The downside is there are quite a few renovations that need to be made. The only thing that has to be fixed before we live there is the small amount of mold in the basement. However, it is likely that the roof needs repaired and the garage needs major rehab. Plus we would have to pay for an inspection and if should anything fall through we would be out that money. Our other option would be to put in an offer on another home, not a short sale. We have to be out of our apartment at the end of April, but we would like to get out in the middle. If we would buy a foreclosed home (one that is REO, bank owned property) how long would it take to close? We already have several picked out, but my husband is worried about the timing. We've already been pre-approved for the money for a mortgage, and have the right connections for lawyers and such (Hubby's uncle is a real estate agent). I'm just looking for a straight answer and what would you do? I guess I should also ask how long does it take to close if the home is not a short sale or a foreclosure since I am a first time home buyer. Help!!! We're ready to move!

Public Comments

1. check this site for help, http://foreclosurewealth.cjb.net
2. I have experiance closing loans in little as 14 days on an REO and as long at 45 days. It all depends on how quick the selling bank gets the ball rolling. They open Escrow and title. normally on REO transations the only hold up is the title company that they use are slow, OR the bank itself is hard to communicate with. I would give a good 30 days to make sure. Most bank owned homes are going pretty quick now. Actually my last 6 REO's have closed with in 21 days.