In many markets, if you want to buy a repossessed property, you better come with your best offer first -- and fast.

NEW YORK (CNNMoney.com) -- You've heard of speed dating? It's got nothin' on foreclosure buying these days. In many places, anyone who wants to buy a foreclosure better act fast, or they're going to come away with bupkus.

REOs, the industry term for homes repossessed by lenders and put back on the market, are often selling in a day -- sometimes in less.

'We're seeing REOs go very quickly. Offers come in immediately after the listing comes on the market, within 24 hours,' said Brad Geisen, founder of Foreclosure.com. Some homes have been put into contract in less than 90 minutes.