I am putting an offer for a foreclosure under FHA financing. How long does it usually take for closing an FHA loan? I have heard sometimes it takes longer than a conventional loan. What date should I show 30 or 45 days to closing? I know the banks want to close quickly on a foreclosure.
Thanks.

That is a question best left to the loan officer on the transaction. They will know the lead time that they currently require to process an FHA loan.

45 days will be the best option and pray that your closing company really knows what are they doing.

MR is right. It's an important lesson to learn - communicate with the people involved. Don't base your actions on things you may "have heard."

Thanks, but I just spoke to the listing agent & they have already accepted an offer, he told me a "good one". It moved fast, within a few days! My buyers don't seem to understand the foreclosure process, the urgency, & they still think that they can place an offer under listing & get it when the listing price is unheard of. I am moving on, I have been working w/them for several months & have explained the market & they still don't get it. Oh well....
Thanks to all.

Sometimes you have to cut your losses zpcsc. Some buyers have listened to these 3:00am infomercials and think they can get something for nothing. They dont understand that typcially the bank has already priced the home below market for a quick sale. Other times buyers just need some education and then they figure it out.... fine line there. I think you did the right thing.... sometimes they have to learn the hard way.

Talk to their lender how quick they can close and if they are fully approved, that means conditions only on clear title and appraisal, then next your P&S will say 30 day or 45 days or sooner

I would tell a buyer's agent ask for 60 days as a starting point, but never less than 45 days. Most of my clients want 45 days and the buyer's still need an extension to close. One of my clients is not giving extensions and telling the buyer's agent to pay the per diem fees.