OfflineWhat do I need to do to for a bank to let me buy a forclosure with no money down. I have 2 properties I want to buy and rent, but I have no money. I was informed that to even put in an offer on an REO you need to have a Pre-Approval letter or certified funds. Yet I read these stories in Dean's book about people buying REO's with no money down. How do I do this?
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Hi Ross its really up to the bank, they might finance you, Id go to the bank thats holding them if thats possible and see what they will do, you might beable to do a lease purchase, land contract, or they might finance you if you tell them your plan.You might be able to bring in another investor with good credit and give equity partner for a time and when you get on your feet buy him out, Jim ( it never hurts to ask and be creative, who knows what will happen)
jbischoff