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Updated over 10 years ago on . Most recent reply

User Stats

386
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218
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Nick Patterson
  • Real Estate Agent
  • Chicago, IL
218
Votes |
386
Posts

Assuming a loan from a bank with REO

Nick Patterson
  • Real Estate Agent
  • Chicago, IL
Posted

I'm curious if anyone here has actually had any luck in pulling off this scenario.
Small community bank is selling an apartment complex - in this case its 14 units.

Instead of a traditional sale, they simply assign the property to an investor (Me) for say 5% down payment and at a good rate.  Closing in 1-2 weeks.

Every bank I approach always tells me "We want it off our books" which to means does not make any sense.  It would seem a win win for both parties.

Thanks! 

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