When purchasing a distressed property, there is normally a trade-off for the buyer.  In exchange for getting a good deal on a house you are willing to take on some repairs and inconvenience.  Bank-owned houses and short sales are the most prominent types of distressed properties.  In both cases a financial institution is calling the shots and setting the pace for the transaction.  It is not uncommon for a bank to require anywhere from two weeks to three months before they even look at your offer.

 

Just remember that the distressed property purchase process is a marathon, not a sprint.  If you expect a quick transaction, you will likely be disappointed.  However, if you enter into the process expecting to experience some head-scratching frustration when the bank stops communicating or makes curious decisions, your patience and perseverance could be rewarded with a great deal on a house.