Updated over 17 years ago on . Most recent reply
Help for a newbie
First, thanks for all the great knowledge I have already gotten from this site. There are some real experienced people here!
I would like to purchase an REO -- not for a flip but for my in-laws who have never owned a home. Father in-law is very handy and would do all the work so in the end, it would be an investment.
I am wondering the best way to have the $$ ready to make offers. I plan to use the equity in my home (I figure we owe only about 26% of its current value) but I don't want to take a loan until I know if I can get an offer accepted. I don't have the 100 or 150k lying around and wonder if a temporary line of credit would be the way to go. Would banks accept that as proof of funds? How do I actually go about making an offer -- with an inspection and tax lien contingency? Am I best getting an agent to help with this?
So confused...