Foreclosure
Before making an official offer on a foreclosed property I'd like to pass a scenario to the forum first.
I found a VACANT Bank REO property that I'm quite interested in. I'm very fiimilar with the area over the past 30 years. We, my wife and myself would be interested in keeping this property for ourselves. I've done several real estate deals over the years but SInce recently being layed off from an e-Training development job that went offshore I've decided to invest into real estate full time.
I'm thinking of selling our exiisting house- owned free and clear and use the funds to purchase the foreclosed property- that is of course if the bank agree to accept our offer. We plan to rehab it then sell in a couple years at nearly double purchase price.
I think I will still need an additional 100,000 to close the deal.
After much reading, I know I should first inspect the property, check for liens, back taxes and do a through fix-up analysis.
Based on what I've explained are there any suggestions on how to gain control - lease options etc and finance the additional 100,000 - keep in mind that I got laied off this year. What should be my first descretionary action to try an gain control/attain the property?
I have an excellant credit rating and about 40K of my own funds to work with.
Thank You
iaustin
whats the appraised value..
amount needed for repairs.....
wants the banks asking price.....
Asking price is 600K, No official repair estimate made yet.
Any ideas?
I would like to know more....
First question - why sell your exisitng home? Can you do this deal with a $100,000 credit line on your existing house?
If it is REO now, my first step would be to set up a meeting with the REO officer of the bank detailing what I wanted to do. He wants to get this off his noperforming list and onto his performing list. He may have some insight for you.
You can get a no doc loan - a loan based on youe FICO and not your income.
Just some thoughts.....
[addsig]