| Loss Mitigation General Chat loss mitigation |
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03-14-2009, 07:21 AM
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Looking to buy foreclosure that needs kitchen and...
...bathroom with a loan? Hi, I'm looking to buy a foreclosure property that is a duplex. The one side needs carpet and paint and the other side needs a kitchen and a bathroom. The place is selling for 165k and I have 40k to put down (25%). Im wondering how I get a loan to cover the 125k. I also have money for the rehab but would rather pay that myself then get more loan for the rehab costs. Is there any kind of conventional loan I can get to buy the place? Any help is appreciated - this is in California. I have the credit and my partner has the income and assets to cover the loan easily.
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03-14-2009, 09:48 AM
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Thats a lotta cash for a foreclosure. Have you looked around? The home right next door which is a nice single family home is only selling for 48k. My old home that I sold was lost to foreclosure and is on the market for 70k, t had a value of over 200k just a few years ago.Mary in Camden, MI
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