Purchasing Bank REO w/ no credit - Posted by Dennis

Posted by Jim IL on April 23, 1999 at 20:37:01:

Get it signed for an “all cash” sale, at the lowest price possible, and then sell the contract or do a simultaneous close to a cash buyer.
If the ARV is really over $200k and you can get it for the $140k or less, it will go.
you can make the money you need to pay your debt off, and not spend a penny or a minute on fix up!
Good luck,

Purchasing Bank REO w/ no credit - Posted by Dennis

Posted by Dennis on April 23, 1999 at 17:03:00:

A buyer’s broker pulled up a listing from his Transamerica Intellitech record service and he found a property that was just recently purchased on a foreclosure by the bank, approx 142K. Great area, should be 235K in top shape. Outside looks OK. Needs clean-up.

I have 15K in bad debt that no one would loan on unless this was first paid. Without the $ to pay this debt off, how could I creatively approach the bank to purchase this and then flip/buy/sell and make some cash to clean-up (the property that is)and help pay off this debt? The property is not yet listed.

Re: Purchasing Bank REO w/ no credit - Posted by Zeus(ID)

Posted by Zeus(ID) on April 23, 1999 at 23:28:46:

If your numbers are correct this sounds like a sweet deal to get. I’m sure you will get more thoughts on this and if you don’t just keep asking for more input with more posts. Depending on time you could always try to get a partner whose credit and down payment you could use (doctor,lawyer,dentist, etc…someone with money but not a lot of time), use your labor to spruce up the property, then split the profit when it is sold. Remember to try to set up a deal as best you can but don’t get to greedy. Action is most important and it won’t be long before someone else sees this opportunity also. Good Luck and if this one gets away there will be another one along soon so get ready!