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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Buying an REO with 10% down Posted by Ward-CA- on May 29, 2002 at 9:42 AM In Reply to: scenario posted by Bigv on May 28, 2002 at 7:02 PM : If anyone can give advice onthis scenario, I would be greatly appreciated. If you found an REO property that is listed for $69,000. It has 2 bed rooms and 2 baths. The fair market value of the property is $96,000. You don't have any cash, but you might be able to come up with 10% of what the bank is asking for the property. What would one do to obtain this property? You may want to hold it and rent it out, or you may want to sell it. I am in a similar jam. Being that I am somewaht new to the game. I'm trying to figure out the best way to obtain this property for rent, or for a quick sell. Don't forget, I don't have any money. : Help!!! =•=•=•=•=•=•=•=•=•=•= Bigv, REO sales are usually structured so you don’t need a lot of cash to buy them. So if you have very good credit and the 10% down you mentioned, you probably could buy the house on your own merits from the lender. Often times the lender will also make you a loan to facilitate the sale. So you come up with the 10% down and the REO seller will come up with a new loan for the remaining 90%. Good luck. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : If anyone can give advice onthis scenario, I would be greatly appreciated. If you found an REO property that is listed for $69,000. It has 2 bed rooms and 2 baths. The fair market value of the property is $96,000. You don't have any cash, but you might be able to come up with 10% of what the bank is asking for the property. What would one do to obtain this property? You may want to hold it and rent it out, or you may want to sell it. I am in a similar jam. Being that I am somewaht new to the game. I'm trying to figure out the best way to obtain this property for rent, or for a quick sell. Don't forget, I don't have any money. : : Help!!! : =•=•=•=•=•=•=•=•=•=•= : Bigv, : REO sales are usually structured so you don’t need a lot of cash to buy them. So if you have very good credit and the 10% down you mentioned, you probably could buy the house on your own merits from the lender. : Often times the lender will also make you a loan to facilitate the sale. So you come up with the 10% down and the REO seller will come up with a new loan for the remaining 90%. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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