Of all the delays that REO buyers must endure, this tends to be the most difficult to swallow. After you’ve crossed the finish line, the loan funded, and you’ve waited the additional day for the transaction to record, NO KEYS! I've had this happen about 3 times, but it is beginning to be a trend on REO purchases that buyers cannot get the keys to their new home until the day AFTER the transaction closes. Banks centralize their escrow and title work on foreclosures, so you are almost always dealing with an out-of-town escrow company that is overburdened with work and often doesn't care about your individual transaction.
Buyers often wonder if it it is preferable to be pre-qualified or pre-approved for a mortgage loan before shopping for a home. At a minimum, I require buyers to get pre-qualified before they begin looking for a home, because otherwise they are truly taking a stab in the dark. However, a pre-approval is preferable, especially if your income and credit situation is complex. A pre-qualification is a rough estimate of what you will qualify for, the bank is making only a tenatative statement about the loan you would qualify for if everything stacks up the way you think it will.