Nick
I'm submiting my offer today for this property. I'm not to sure how I can get financing for this since it's an REO and my banker only has me approved up to 80% purchase. I need the cash for the price of the home and the rehab cost. I have no cash and my middle score is 555 but I'm working on it so it may be higher by now. Ok here's the property Asking- $324,000 ARV- $475,000 Repairs- $100,000 Comps- $475,000-$500,000 Offer- $200,000 Thanks for any help. Nick
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You may be able to obtain a "hard money" loan which would loan up to 65% of the ARV, which in this case would be $308,750. If you were able to buy at 200K, the remaining $108,750 would be held in escrow and released as the improvements were made. Try looking under the lenders tab on this site and search for lenders in your area. Have you had a contractor estimate the repairs? 100K seems like a lot of work!!!