Posted by Bob on September 21, 2003 at 09:36:27:
I would start by finding a good mortgage broker in your area, and discuss it further. He/she should have some good suggestions.
Personally I would be reluctant to live in a house while under rehab then move again, but that’s your call. I would also be careful about selling your current home before locking up the financing on the new one, since you are out of work now - but again your broker can go into more detail.
FORECLOSURE VACANT - Posted by iaustin
Posted by iaustin on September 21, 2003 at 05:14:20:
Before making an official offer on a foreclosed property I’d like to pass a scenario to the forum first.
I found a VACANT Bank REO property that I’m quite interested in. I’m very fiimilar with the area over the past 30 years. We, my wife and myself would be interested in keeping this property for ourselves. I’ve done several real estate deals over the years but SInce recently being layed off from an e-Training development job that went offshore I’ve decided to invest into real estate full time.
I’m thinking of selling our exiisting house- owned free and clear and use the funds to purchase the foreclosed property- that is of course if the bank agree to accept our offer. We plan to rehab it then sell in a couple years at nearly double purchase price.
I think I will still need an additional 100,000 to close the deal.
After much reading, I know I should first inspect the property, check for liens, back taxes and do a through fix-up analysis.
Based on what I’ve explained are there any suggestions on how to gain control - lease options etc and finance the additional 100,000 - keep in mind that I got laied off this year. What should be my first descretionary action to try an gain control/attain the property?
I have an excellant credit rating and about 40K of my own funds to work with.
Thank You
iaustin