Reo property - refinanced by the bank
2 Replies
Harris L.
Investor from San Ramon, California
posted about 6 years ago
Just curious if there are any regulations that wouldn't allow an reo to be turned into a seller financed deal by the same bank if you were to buy the property from them?
Wayne Brooks
Real Estate Professional from West Palm Beach, Florida
replied about 6 years ago
It wouldn't be "owner financed", they'd make you qualify for a regular loan just if you were buying from someone else, and you'd get a loan just like anyone else, for any other property. The two transactions would not be related/linked at all.
Al Wilson
Investor from Daphne, Alabama
replied about 6 years ago
We have done this a couple of times and have found in both cases that there was better financing in the open market. Good luck.