Hard Money Lender for Sight Unseen REO

[Marcus Ivery]

Hello Everyone,

I just recently bought my first bank-owned property at auction and planned to use a hard money lender for 90% of the acquisition cost and 100% of the maintenance costs. However, my preferred hard money lender is stating they can't provide funding since the bank is not authorizing access to the inside of the house prior to closing. Does anyone have recommendations on 1) how to ask the bank who owns the property for access to the house or 2) how to ask hard money (or private) lenders to waive the need to access the inside of an REO prior to closing?

Any help would be greatly appreciated!

Marcus

[Wayne Brooks]

If it is "bank owned".....then the bank owns it. If was the actual foreclosure auction, and not an REO, then the borrower still owns it, which you could find in local records online, but you nay not actually find them.