Posted by CurtNY on February 26, 2002 at 20:58:24:
Thurman,
As the saying goes “Cash Is King” my experience has always been cash, now when I say cash I don’t mean show up at the table with a briefcase full of the green stuff. Hard Money Lenders are good sources. Some banks will even fund the purchase themselves, but you need good credit, and money down. But usually they know the condition of the property and just want out. On the $5,000 purchase, if its a good deal offer $3,000 all cash. At that number just use a credit card. Best of luck.
What technique do you use to buy Bank’s R.E.O.s? - Posted by Thurman
Posted by Thurman on February 26, 2002 at 16:33:52:
Hi everyone!
Received a telephone call from a local banker asking if I would be interested in buying a run-down house (R.E.O.) for $5,000 cash (he saw my “I buy houses” in a vacant store window). After asking “Do you have any other real estate properties?”, he told me about two other houses that the bank had just received from foreclosures. He also remarked that the bank expects to get one or two more properties in the next 30 days.
Question: Beside paying cash for these R.E.O.s, what is your favorite technique you use to buy these properties that the bank would accept?
Thank you for any consideration and answers that you may give concerning my question!