Chance Gates' Blog

This is about 1/3 of the Reno/Sparks real estate market.  Unlike a short sale, when buying a foreclosure getting the offer accepted usually takes less than a week. Then the problems begin, one of the biggest is the title company.  Depending on how over worked the staff is; these people work very hard, I had calls from them before 9:00 am and after 8:00pm.  Another possible problem is the deed to the property has not been updated and needs to be (this happens only happens on a rare occasion). Very rarely will you close a foreclosure before the closing date.  However, closing a foreclosure two to three weeks late happens regularly. While you can get a great deal on a foreclosure, be aware it might be a very frustrating process.