All Forum Posts by: Michael Baybut

Thanks. I got some great advice on here. I decided to nix it. I had an opportunity to view with no furniture in it. I spotted tons more issues. Good news is I have a contract on a nice property that will fit my situation much better.

Thanks. That's my thinking too.

That's where I get confused. If it's what the bank nets, what difference does the down payment make?

Hi,
Reading everything I can on buying a REO. Had some conflicting information.

1) Come in close to or at list price/ Some suggest 3 or 4 counters???

Also, what effect does a larger down payment have with the REO bank? What's the difference between a 20% down and a 30% down. I can do either but I would prefer the 20% over the 30%. More cash then for reno.
Thanks,
Mike

It's a house I want to live in. I wish I had 10-20 choices.

I spoke to my bank regards the purchase. He said it may not fly due to the property condition. Looks like the owning bank won't list for another 2 months. I feel that by the time it gets listed I could have the cash together to make it a cash deal. I think the property will have limited interest due to it having to be a cash deal. When it was last listed 8 months back the price was dropped to $400k before any offers came in. The highest was $385k. Financed 70/30. Which the bank accepted. (this was the short sale)There's probably about $50-80k in repairs. Could be worth about $470-490k, done. Am I likely to have competition from flippers using these amounts?
Mike

Never considered "Hard Money"
What is it?
Where do I get it?
How much is it?

Does financing less, ie 70% instead of 80% or even 50% make any difference to the REO bank? Does it make any difference lender bank?
Mike

Thanks to everybody. Some good advice.

Just don't want to put my deposit at risk if my bank isn't keen on condition but still to make it a strong offer.