Posted by CTH on August 31, 2003 at 10:56:50:
Here are some details of a deal I just completed.
Located, through a real estate agent, a bank repo 3/2 1250 sq. ft ranch style home.
Purchase price 71,000.
Gave the loan officer, different bank, and a list of the improvements I was going to make.
Bank approved appraiser took improvements into consideration and appraised the property after repairs at 97,000.
Bank loaned 77,600.
71,000 to seller
1,000 for closing costs
5,600 cash at closing, left the table with a check for 5,600 to be used for repairs.
So as far as I’m concerned that’s a no money down, cash at closing deal.