Financing For REO
I made an offer on REO property. I sent my pre-appoval letter with my offer. Listing Agent told me that only accept cash on REO properties. NOw I am totally confused ? I can finance REO property correct ? or is the lender playing games to get cash offer.
Please help newbie in Pittsburgh
Your credibility is way too low. You have to come across as credible. Also let the broker know that you you are coming with a cash offer. Let them know that you dont plan on the bank providing owner financing. Ask them what about your offer seems to confuse them about you providing cash. Cash is cash no matter where it comes from.
chico, the bank wants that house sold, yesterday. Do your math and determine if a HML is worthwhile. Otherwise, look for the next deal.
It cool if you have a way of getting the deal financed in case the lender call the loan due.
Thanks for the reply.
I am aware of the dos , hoping I could get it sold before it would come to the DOS happening.
So my question, is this legal, and if there are any other suggestions on how to get this done other than putting it in a Land Trust. I have not learned enought about the Land Trust to try it., and still not sure after all the reading it really stops the dos.
[addsig]
some lenders will accept less than the arrearage. You can probably work out a deal, to pay down 2000 dollars to make up the back payments.