Banks Holding Houses Hostage In Cleveland OH!
Hi-- Is there anyone here from Cleveland?
The situation is ugly here for so many folk losing their homes. Also, many finance companies will not make loans in the area. They say, it will get even worse when a lot of the ARMs start foreclosing.
My question is, does anybody know of an "investor friendly bank"? Is there such a thing? I have buyers who would buy an under market value REO to rehab and resale, but they need cash out to rehab? I also have lists, and lists of REOs. Does anyone know of a bank who would be willing to accept an offer that is written up so that the buyer gets cash out at closing for rehab? Is this possible?? If so, how, is it done?
Your feedback is greatly appreciated!
I should disclose here that I do have a real estate sales license for the State of Ohio, and am not asking how to do illlegal re transactions.
Is there someone out there that can give me direction?
Thanks!
If the seller is willing to give you a repair credit you can get cash out at closing. If you are doing a rehab loan which in most cases the max is 90%ltv you can get cash back at closing. The money will go into an escrow account and draws will be given to the contractor that was approved by the lending institution.
Laurie
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