REO Financing - Posted by Mark (IL)

Posted by David G. on January 04, 2004 at 16:36:34:

Since its an REO, you will need to buy it anyway. Banks dont allow assignments. If you have a contract, you must follow through or lose your money.

Try making a lower offer and wait for them to counter. Then if the numbers work out, buy it, fix it and Lease Option it for full appraised value. If the market allows it, you might even sell for 10% higher than appraisal via LO.

David Garcia

REO Financing - Posted by Mark (IL)

Posted by Mark (IL) on January 04, 2004 at 12:55:11:

REO(3bd/2.5ba/2car) needs paint, repairs($2K) to make it presentable, some updating($8-10K) would make it nice. Home is in a good neighborhood, listed on MLS for 105, assessed at 135,000, comps are selling quickly at $125K-135K. I’ve offered 95k. I’m hoping to sell quickly to an investor but if I can’t make a deal, I’ll do the updating and look for T/B for a L/O.
I have good income, credit(680), and plenty of available credit. I don’t have much cash and am looking for an alternative to putting 10% down for a conventional loan. Do I have any options or should I just go with the conventional loan and refinance if I don’t find a buyer?