CarletonSheets.com
Welcome, Guest
CarletonSheets.com Real Estate Investing Rehabbing
REO (1 viewing) (1) Guests
Go to bottom Post Reply Favoured: 0
TOPIC: REO
#6075
stevo ()
User Offline Click here to see the profile of this user
REO 3 Years, 8 Months ago Karma: 0  
Has anyone purchase an REO lately. I'm new to this and found several REO properties in my area and would like to attempt buying one. What should i be aware of before contacting an agent. I have limited finances and credit is not good. HELP!!!!!!!!!!!!
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#6077
adminchat ()
User Offline Click here to see the profile of this user
Re:REO 3 Years, 8 Months ago Karma: 2  
Hi Stevo,
Due to the current financial "credit crisis", banks have tightened their lending standards. Its difficult to get a loan unless you have great credit. Don't let that discourage you, I was just letting you know that you might need to be open to other options.
An REO is owned by a bank, and (speaking in general terms), they just want someone to buy it outright. You may ask if they will finance your purchase, but in my experience, that has been few and far between.
If you are still interested in purchasing an REO, maybe bring a partner with strong credit on board.
If your credit is not great and your finances are limited, you might want to try another route. How about looking for a For Sale By Owner (FSBO) or a property that is not owned by the bank, but the owner has relocated or the property has been on the market for some time. If you use this strategy, you might find the owner is motivated to do a lease-option with you. That is, you could gain control of the property without going through the traditional method of qualifying for a loan. This would give you some time to improve your credit. When your lease option is up, you could qualify for a loan and purchase the property outright. Some lease options even allow a certain amount of your monthly rent to be applied as a credit toward the purchase price. This might be a good situation for you.
Take a look at Volume 1, Lessons 10 and 11 for more information.
Good luck!
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Go to top Post Reply
Powered by FireBoardget the latest posts directly to your desktop
 
-->
Become a member for FREE and get all of Carleton's courses for FREE. No credit card or purchase required!
* Best Selling Author &
Real Estate Investor
Everything you need to achieve financial freedom through real estate investing is available to members of my site. Thousands have paid hundreds of dollars for this information. Today, it's yours FREE with your no-obligation membership. Take your first step toward becoming a successful real estate investor by joining today.

You'll have immediate access to everything you need to become successful, even if you have a low credit score or are short on cash. Register now!

Don't put off your dreams any longer because right now is the best time to buy property and make money in real estate with creative financing techniques shared on this site.

Why Join CarletonSheets.com?

Immediate FREE Access to 4 of Carleton's Best Selling Programs:

  • Cashing in on Foreclosures
  • Real Profit$™ With Partners
  • Real Profit$™ in Property Management, plus
  • The online version of best selling real estate program of all-time,
    No Down Payment!

No credit card or purchase required.
Why Real Estate Investing?

Real estate investing has created more millionaires than any investment in history.

The benefits of real estate investing are:
  • You can get started in your spare time!
  • No prior experience is required!
  • You don't need to quit your full-time job!
  • You can generate significant monthly spendable cash flow!

 

onebyone