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How long does it take to get a contract signed on a bank owned house?

Question by donnyhlt: How long does it take to get a contract signed on a bank owned house?
I put an offer on a house on january 28, we agreed on a price verbally through their realtor on the 29th. It is now Feb 7. The realtor says we should recieve the contract back signed really soon. Whats the hold up? The contract has already expired and Im getting worried I may lose this house because the realtor is so poor at her job.

Best answer:

Answer by theshadow01
It is not uncommon for REO paperwork to flow very slowly. There are many people involved, and right now there are many, many bank owned properties. The more of them a particular lender has, the longer it takes.

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