New Investor Wanting To Buy A Foreclosed Property From Bank
I have my eyes on a bank owned property that has been on the market for 6 months and already three offers fell through due to financing. There is about $10,000 of repairs and I want to offer $11,000 less then the asking price. A realtor is involved and I want to know if taking an equity line on my house is a good solution as I want to flip this house rapidly after fixing it up. This is my first transaction please help 
Yes. If there are $10,000 needed in repairs, and you can furnish legitimate estimates... then offering $11,000 less might not be enough of a reduction. Don't forget to include and get paid for your time as a GC to effectuate repairs.
Cash is king. Placing your cash offer to purchase in an as-is condition thru the Realtor (you might want to prepare a short sale proposal and send it directly to the REO department) would be superior to an offer that was contingent upon financing, inspections, and an appraisal.
Best to secure your line of credit ASAP, whenther you use it or not. I wouldn't disclose that you plan on purchasing real estate to the equity lender.
The SSP:
Do you think $11K is enough of a discount...since there are about $10K worth of repairs, I wouldn't want to be that close to TMV...what do you think?