Posted by Gary-Indiana on February 15, 2000 at 12:08:00:
I plan to fix it up and put it back on the market in time for the spring/summer selling ‘season’.
I hope to have it off my hands within 6 months, but have built into my holding plan 9 months.
NEED HELP-How to buy a bank REO - Posted by Gary-Indiana
Posted by Gary-Indiana on February 15, 2000 at 09:41:17:
Found a good size (2650 sf) repo in a golf course community that the bank has listed with a realtor. After only two weeks on the market, they have already dropped the price $7000. It’s down to 139900 now and needs about $17K in fixup repairs (carpet, paint, a few windows and doors). Based on comps for the neighborhood, the ‘average’ market value when fixed up would be in the $188000 range.
Through the realtor, I understand the bank will do 100% financing, but since I already have a house, cars, and family expenses, I know I won’t qualify.
I have been looking for hard money lenders, and the couple I have found so far require more documentation and qualification than a bank. I’m sure there are others more workable, but I’m running out of time since they appear to be motivated.
HELP - What other options can you suggest?
Thanks
Re: NEED HELP-How to buy a bank REO - Posted by Mark (SDCA)
Posted by Mark (SDCA) on February 15, 2000 at 11:13:54:
What are your plans for the property? I would go to the bank and ask for that 100% financing anyway. What can it hurt?
Mark