REO time frames

The binding agreement date (time frames for the contract) is the date when all parties to the transaction have came to an agreement on price & terms, have signed all contracts, counter-offers, and addendums, AND written confirmation of that fact has been delivered to all parties.

Up until that time it remains an offer and can be withdrawn by either party.

My experience has been that the banks are very slow to respond, therefore I always attempt to specify a closing date a set number of days after receipt of the fully executed agreement. Unfortunately, most banks want a specific calender date rather than a number of days, and most bank addenda have a "Time is of the Essence" clause with liquidated damages charged for each day after the specified date that the property closes. My point is, specify a date 60 days out if your normal closing time is 30 days. If the contract has not been executed within 30 days, withdraw the offer and start over.