HM financing for Bank owned properties (REO)

[Sonu Sharma]

Hi BP community, I am pursuing a bank owned property and since this is the first time, wanted to know how the hard money financing works for an REO property. Do lenders require any special provisions or are there any specific things I need to keep in mind with regards to financing ? Thank you.

[Sonu Sharma]

Thanks Ann Bellamy for the info - I will look around for that language in the contract. I asked around some local HML and they say that the rules are different in TX and it depends on the bank we deal with. Some of the smaller banks may be a bit more flexible in their language but its all new and exciting to me at this stage.