Banks are quickly accepting bids and

writing contracts for foreclosed homes, but buyers are complaining that

settlements are taking too long.

Real estate pros say purchasing a

bank-owned property is different than dealing with a regular home

owner, considering that banks have to check claims on the property and

problems can arise at closing. Plus, in some states, banks also need

court approval of the foreclosure.

Although banks are swamped by the record

number of foreclosures, the bank-owned homes will have to be sold to

help stabilize residential prices and boost the housing market.

Source: Washington Post, Dina ElBoghdady (04/13/09)