Updated about 7 years ago on . Most recent reply
Buying a bank owned property without access.
Hello everyone.
I won the bid on a Florida property at an online auction. They are waiting for me to submit the PS and escrow. The problem is that the bank won’t allow access to enter the property at all, until the title is transferred. I’m trying to purchase this property using a hardmoney lender but the lenders I have spoken to have told me the same “ it’s a no deal without access to the property for appraisal”.
This is a great income producing duplex and I would hate to let it go. Unfortunately I’m on a 48hr time limit to sign the PS and submit the escrow. But I don’t want to put 5k in escrow at risk if I can’t get funding.
Have anybody have gone thru this situation before? Any advice on how to move forward with this deal? Your input and advice are greatly appreciated.