All Forum Posts by: Odie Ayaga

You wouldn't be asking them for a number typically they'll cover a certain percentage of your purchase price (typically 75-100%) and rehab (typically 100%) up to a maximum percentage of your ARV (typically 65-70%). You can take less if you'd like and may get better terms if you do so.

As others have said your HML should provide a pre-approval letter. If your seller has an agent then you should get one too

Hi @Austin Higgins and welcome to BP!

Then you'll want to use the Quote feature instead

Are you asking if the lender is legit or if the terms are good? is this a short term or long term loan?

Just as a point there's nothing special about REOs except the owner is a back instead of another entity. For some people a lot of people think there's some special process...there isn't. The house could be in better or worse condition than any other house owned by anyone else on the market. Negotiation might be less back and forth, but that's about it.

@Stephen Foltin just to clarity, hard money lenders do not give you money directly. You would go through a qualifying process similar to any other loan and the money would be transferred at closing.

Hello and welcome to BP @Tarique Chew!

It depends on where it is. You need to find out how much time you have to pay the balance of your bid. In many places its 24 hours but I've seen as high as 4 weeks. It will say in the instructions for the auction

Hello and welcome @Anthony Capobianco! Are you planning on house-hacking?