OfflineHi everyone,
I am new to the site. I am excited to have found a place where I can gain so much knowledge. Background: We had 2 homes in Calif. We leveraged one to buy another in an exclusive area. We thought it would go up enough so that we could flip it and pay off our main home. It worked until the market crashed and basically we lost everything. Sold one house and made nothing, but paid off the loan. Ended up short selling the second home. Now starting over and very depressed until I saw Dean's infomercial and found this forum. The short sale we had only affected my husbands credit as that house was only under his name. My credit is good but I do not have a study job. Most of our income is from him but we do not have 20% to put down. Found a REO that B of A has. The listing agent just reduced the price $200,000...yes this is Calif. so prices are high. This house is a great deal, offered at $879,000 but overpriced as needs alot of TLC. Been on the market over 150 days. I want to go to B of A and offer $450 and give them a business type plan with estimates etc. showing what the cost will be to bring the prop back up to what is in the neighborhood. Problem is lack of down payment and I am unsure if I can qualify for a loan alone due to not having a study job. My realtor has told me that a bank will not even look at an offer unless I have prior loan approval and show a down payment. This is a house we want to live in for many years to come. Any ideas? I just ordered Dean's book, but was hoping to get moving on this faster. Also, has anyone else worked with B of A on a REO and if so any info that would help our situation.
Thanks.
BANK OF AMERICA REO'S
Posted on: Tue, 04/28/2009 - 22:25
BANK OF AMERICA REO'S
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- by caligirl
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Did you see if you can get approved on an FHA loan 3.5% down. But if you yourself doesn't qualify for the amount of 450K don't let that discourage from investing in RE maybe a lesser priced home. Maybe another co-signer(family member)there are other ways out there just keep searching for those ways that can work for you;)
Thanks for the info. We appreciate it and are going to begin to go down the road of looking into FHA and also family members. I hate to do that, but this is a great opportunity and it will pay off in the future. We are in OC. Hard hit but alot of good deals.
Thanks again.
One thing that I wanted to mention from the post heading is that many of the banks right now are putting their REO's on their websites. I know that Bank of America and Wells Fargo both have specific locations for this on their site. This can be a great help for people looking for REO properties. You may find that individual branches are doing the same thing.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125