Could I get a bank to finance me its REO's if I propose something crazy?
Perhaps, though a long shot.. with an reo purchase (although I know they prefer cash) I could offer the selling bank a high enough interest rate that will allow it to recoup the money lost due to the original foreclosure proceeding. Said differently, if a bank was going to make 100k in interest on X property (had it not have to foreclose), I could have the bank charge me a high enough interest rate that would allow it to make up for that loss of interest revenue, due to the foreclosure, plus the amount it would make on the new loan over 15 - 30 years on that same property. Perhaps in such a scenario my rate would be 7% rather than the average prime of 3.25% that exists now. Could that help the banks books? Just a crazy thought BP, so I figured what better place to converse about it...I mean this is the creative financing forum..lol