Given the task definition and input, reply with output. Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.

A cash purchase will usually be quicker. The time it takes will likely depend on the particular bank and perhaps the area...and whether there are any contingencies. I bought a bank-owned house for cash and closed within 3 weeks. There are many variables that can determine how long it takes to close on an FHA loan. Underwriting is one of the biggest variables. Once you've found a home and signed a contract with the seller, the rest of the lending process might take two or three weeks on the short end, or two to three months on the long end. There are many variables and several different people involved. I work with a lot of HUD homes and closings. HUD requires the home to be closed within 45 days. If you are paying cash you can close much faster. Are you closing with the HUD attorney? Fearnley, Calif, & Price? If so they should be able to clear title quickly because they already have all the information. Most federally related mortgage loans can close within 30 days. Special first-time home buyer programs, particularly those involving help with the buyer's down payment, might take 35 to 45 days to close. These special loans typically require approval from two underwriting processes. HUD, though, understands that even pre-approved winning bidders on its homes will need time to close. Additionally, HUD also needs time to write up and send contracts to the real estate brokers of winning home bidders. Due to the time needed by all involved parties, HUD generally allows winning home bidders with mortgages up to 45 days to close. HUD Preparation Time It may take HUD from two to five days to notify bidders on its homes that they've won their bids. Answer: Read our section on how to buy a HUD home. Then look at the listings of HUD homes available. If you find a home that interests you, you'll need to contact a HUD-approved real estate broker (most brokers are HUD-approved), who can submit a bid for you. Successful bids are posted right on the page for your state. For more information, you may also contact our FHA Resource Center by email at answers@hud.gov or by phone at (800) CALLFHA. if a home is a REO, how long does it usually take to close if you have a letter of guarantee funds estimate closing time on reo (0) | asked by: Terry Davenport | share | 54 months ago | Report December 30, 2010 08:15 AM. 1 This is a question that I am often asked. 2 For the purpose of this article, let's talk about a HUD home that has just been listed, and that the purchaser is an owner occupant. 3 No bids are opened for the first 10 days that the property is listed. So if you make a bid on the first day of the listing period, you will have to wait at least 10 days for an acceptance. In some cases, it it taking an additional 2-5 days for the winning bidder to be notified. Once notified, the selling agent then has only 2 days to get the contract delivered to the HUD asset manager. www.hud.com is your single best resource for HUD homes nationally. HUD also advertises to the general public through over a dozen asset management and marketing (M&M) companies that are contracted by HUD to maintain and sell its properties. You may check the HUD Web site for the names of M&M Contractors who list the properties by posting them on their respective Web sites. Just about anyone can buy a house for sale by the U.S. Department of Housing and Urban Development (HUD). As long as you have the cash or can qualify for a mortgage loan, you can submit a bid through a HUD-approved real estate broker. HUD homes are first available only to home buyers who plan to live in the house. Query: how long does a hud home take to close
HUD requires the home to be closed within 45 days.