Certified check for REO deposit req?

[Jan J]

Hello.

I'm new to this forum as well as buying bank owned properties.

I live in VT and on Thursday I placed an offer on a REO. The bank verbally accepted the offer on Friday, but then I learned there was going to be an open house at the property on Saturday. This made me skeptical about the OK, but today is Monday and the agent has said that the addendums are in and ready to sign. However now I learn that I have to exchange my personal check (earnest money) for a bank check before they can submit the paperwork.

This is a cash deal and the offer agreed on was nearly full price. I think this is a good deal based on the comparables (maybe not "great" after all is said and done, though) but I'm already feeling like there is just one hoop after another to jump through. I've done some reading and now realize that this process is probably frustrating for all buyers, but want to know if a certified check is usually required. Also, once the addendums are signed, is there a "usual" turn around time to get them back from the bank?

Thank you for any insight you have, as it's all going to be helpful.

J.