Getting financing without utilities turned on
I've been attempting to purchase an REO in South Florida. Everything was coming along just fine, until the underwriter for my financing noticed the utilities were not turned on.
The property is owned by Bank of America, and they have a strict policy that under no circumstances will the water be turned on at the property.
My mortgage broker says that it is impossible to get financing on a property without the utilities turned on. However, there are thousands of such bank owned properties across the nation saying "water will not be turned on". How are people getting financing? I cant believe these homes are only able to be purchased with cash and hard money loans.