Posted by JPiper on November 01, 2000 at 20:38:57:
REO’s are typically sold to a buyer who either has cash, or who has obtained a mortgage. Reading between the lines here, it sounds as if you don’t have the cash. And I would guess that you will have problems obtaining a loan since you have no job (banks are funny that way).
About the only way I see for you to buy this house is to buy it at a large discount to it’s fixed up value, such that you could get a hard money loan. Hard money loans usually don’t exceed 65% LTV. This means you’re going to have to buy this at under this to get the fixup money.
The problem then becomes that you would need to sell the house to pay off the loan (hard money rates are high).