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
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!!!