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Re: starting to bid on forcloser, what next? (1 viewing) (1) Guests
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TOPIC: Re: starting to bid on forcloser, what next?
#3750
Ron ()
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starting to bid on forcloser, what next? 5 Years, 2 Months ago Karma: 0  
Just stated to make an offer on a bank owned property. I have enough equity in my home to buy and fix and so i thought i would get started. My question is is there a way to get around the 20% down they look for in an investors loan?,I was hoping to negotiate for a cash at closing with the equity in the house i am putting an offer of under 76000.00 of the assessed price. I was trying to think creative but maybe i should just be conventional and getter done ? any advise? :-
 
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#3751
Lee ()
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Re: starting to bid on forcloser, what next? 5 Years, 2 Months ago Karma: 0  
When you deal with a bank owned property, you lose a lot of the creative options because it is a bank. Possibly someone else on here has some ideas but I am at a loss.

Lee
 
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#3752
Pamela ()
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Re: starting to bid on forcloser, what next? 5 Years, 2 Months ago Karma: 0  
Isn't there a chapter about getting an appraisal and then asking for a loan _base_d on the appraised value? The equity would then go toward your down, i.e. the bank wants 80k with 20% down but it appraises for 100k which leave you with 20k. If you took the loan somewhere other than where you're purchasing [can that even be done] or find outside funding then the numbers would work I think. Am I looking at this right?
 
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#3753
Ron ()
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Re: starting to bid on forcloser, what next? 5 Years, 2 Months ago Karma: 0  
Thats what i was trying to get at. I soppose its possible to get the appraised amount of the loan, but I'm not sure if the 20% down then gets higher. if i can get the loan amount for my bid price, i would be able to take the 20% down and then maybe be able to take a second on the equity. my only problem is that if i have a equity line of credit on my own house. which will be enough for the down and the fix up but I'm nerves about then having three outstanding mortgages and having to depend on selling the property very quickly as to make the payments and pay of the line and mortgage.Risky?
 
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