Bank's REO foreclosure

[Eli Katz]

Dear BP Community,

I have an interesting issue here: I am very much interested in purchasing a bank's REO foreclosure house but my broker respectfully declined to represent me because the seller wants to use his AOS instead of the typical PAR contract and it takes too long for the seller's broker to respond. I was wondering if you ever had such a situation? Is there really something to be afraid of or it's very typical for REO transactions? This is a bank's foreclosure due to mortgage non-payment. How much time does the previous owner have to redeem his house?