Buying REOs (Foreclosures) – You May Not Get Your Keys Until the Day AFTER it closes!
Of all the delays that REO buyers must endure, this tends to be the most difficult to swallow. After you’ve crossed the finish line, the loan funded, and you’ve waited the additional day for the transaction to record, NO KEYS! I've had this happen about 3 times, but it is beginning to be a trend on REO purchases that buyers cannot get the keys to their new home until the day AFTER the transaction closes. Banks centralize their escrow and title work on foreclosures, so you are almost always dealing with an out-of-town escrow company that is overburdened with work and often doesn't care about your individual transaction.
