REO, REHAB and Re-Financing - Request Expert Comments
Team
We are looking to buy a REO in Alameda County - Fremont, Union City and Newark (one of these) and are planning to move in there. Currently, we live in Concord, CA. We saw couple of houses and one is listed (REO) at $400,000. Will an offer contingent on inspection and loan approval is something we can do?
Secondly, is an offer $200,000 makes sense. What is the feasibility of this being presented to the Bank by the agent who is coordinating this deal let alone bank accepting it.
Other questions: Can we finance upfront including the rehab cost too? In other words, can I offer $200,000 bid and go to the lender to let him approve $230,000 so that we can cash out the $30,000 for rehabbing and cosmetic upgrade, etc.
If not, will lending money from Private and/or hard money lenders and re-finance the house within 3 months of closing and pay back the private or hard money lender work?
Any help is highly appreciated.
Cheers
Ram