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Fair enough SD> However, I am up close and personal with lots of REOs in my neighborhood.
I would say 9 times out of 10 the properties are trashed out and re-keyed within 2 weeks.
Usually they are back on the market within 2 weeks after that.
There are exceptions but they are rare.
I live in an area with LOTS of reos.
To me this delay can be accounted for just by administrative process.
Are you seeing something different?