Posted by Jimbob on December 02, 1998 at 16:58:19:
This sounds like a fairly skinny deal, but you have to start somewhere. What I would do is write an offer of full price to the bank, offer no money down and they carry the note at 8% interest with a 5 year balloon, and the seller agrees to pay the brokers commission. You mentioned the broker said the bank wanted cash for the house but I’ve bought a couple this way, the bank may not want to put any money or work into it, and depending on their motivation, they may go ahead and finance it.
If this doenst work, try to find a partner to purchase the house with, fix it up and sell it.