help... - Posted by Anne

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).


help… - Posted by Anne

Posted by Anne on November 01, 2000 at 08:45:27:

O.K…I found a SFH I want to live in myself & rehab…great location…junker house. It went to foreclosure on a judgement that was higher than the value of home. I tried to deal with the lender & they refused…said to talk with them again, in REO dept. when they hold title after the auction. I attended the courthouse auction…no one bid. So, now what…? How do I negotiate with the lender…I really want to do this before it gets listed with a R.E.agent at an inflated price…it needs lots of cleanup & about $15,000 repairs, etc…the FMV would be $80,000 in excellent cond…the judgement was $75,000…
I have excellent credit, but no job…SOME cash, and a $35,000 condo w/no mtg.
So…who can offer suggestions?
Thanks very very much, in advance.

Re: help… - Posted by dewCO

Posted by dewCO on November 01, 2000 at 23:52:27:

Or you can get a partner with money.

You may have missed the boat already, but whomever told you to wait and make your offer. Usually, lenders will only list these with agents.