I'm new to the program and found a 17 year old 2 BR, 1 BA ranch that doesn't need much updating (paint, new carpet). The bank originally wanted $45,000, then came down to $40,000. My first offer was $30,000. After going back & forth, I got the bank down to $34,500. I'm so excited! My question is how long does it take for a bank to close on an REO property? This is a cash deal and I want to pull equity out of the property to purcase another. Any additional info. on REOs would be appreciated!