TYPICAL R.E.O. SALE TIME
|
| SAME DAY |
CONTRACTS TO BUYERS' ATTORNEY
(sent via FAX within 3 hours of our instructions from client)
|
| THREE DAYS |
FULLY EXECUTED CONTRACTS |
| ONE WEEK |
CLOSING: "ALL CASH" |
| 4-6 WEEKS |
CLOSING: CONVENTIONAL LOAN |
| 5-8 WEEKS |
CLOSING: FHA/VA/SONYMA LOAN |
R.E.O. EVICTION TIME ESTIMATE
|
| SAME DAY |
l0 DAY NOTICE TO QUIT
(sent to process server within 3 hours of our instructions from client)
|
| TWO WEEKS |
QUIT DATE |
| ONE MONTH |
COURT HEARING DATE |
| 45-60 DAYS |
EVICTION DATE ("LOCKOUT") |
FORECLOSURE TIME ESTIMATE
|
| SAME DAY |
ORDER LIEN SEARCH |
| ONE WEEK |
REVIEW LIEN SEARCH; CLEAR ISSUES |
| IMMEDIATELY |
DRAFT SUMMONS/COMPLAINT FOR SIGNATURE |
| IMMEDIATELY |
FORWARD FOR FILING |
IMMEDIATELY WITHIN
COURT RULES |
FILE FOR ORDER OF REFERENCE |
IMMEDIATELY WITHIN
COURT RULES |
FILE FOR JUDGMENT OF FORECLOSURE |
IMMEDIATELY WITHIN
COURT RULES |
SET UP SALE DATE |
The above time frames have been accomplished many times. As each file is unique, typical time frames are our goal but cannot be guaranteed.
PITNICK & MARGOLIN LLP - ATTORNEYS AT LAW
6800 Jericho Turnpike, Suite 206W Syosset, New York 11791
PHONE: (516) 921-3838 FAX: (516) 921-3824
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