OfflineI have found a 14 unit appt. Complex that is bank owned. They have it listed at
$350,000 or best offer, they have had it on their hands for a while, the appraisal came in
at $625,000. Will the bank loan on the property that it owns? How do I get them to do it?
I have no money to put down and I don't have very good credit, but the property
is cashflowing right now. At half capacity it could still cover the mortgage.
My question is will they loan on it and how do I convince them to if not, and if they will can I take money out at closing?
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Can't hurt to ask, If it is cashflowing now and is worth double what they are asking, I would contact them and tell them I would pay full asking price and take it off their hands if they would do 100% financing on the deal.
Just make sure you are correct on the appraisal,running costs and the inspection,sounds like a great deal.
best of luck
Richie.
There is a house in my neighborhood that is a short sale. They are asking 115,000 for the house but excepting all offers. Houses in this neighborhood with this same floor plan sell for 135,000-137,000. The house needs about 6,000 worth of repairs. I don't have any money to put down and I have terrible credit, also I was laid off from my job. So the question that I have is how can I find financing in the situation I am in? Thanks in advance.
Brian
One thing you can do Brian is find a partner with good credit and some money that want to invest and partner up on the deal.
The other thing is to lock it up and wholesale it to your end buyer from your buyers list. my opinion going by the price you say homes simular are selling for, is to offer 90k.
The problem I have with partnering up with someone is I can't find anyone who wants to invest in real estate at this time. I have even talked to private investors about doing a partnership and they even said the same thing. I even tried to get the bank to loan me the 6,000 dollars and I would oversee all the repairs and relist it on the market with my real estate agent. This way the bank would get more money to cover the lost loan on it. The bank wouldn't loan me the money because I have no job. The gentleman that is about to be foreclosed on financed the house for 145,900 alot more then the house is worth. The bank relisted it for 115,000 already going into it with 30,000 less. I tried to make it a win win situation for everyone.