What to do with this deal?

Foreclosures, Short Sales, Tax Foreclosures
1

I have an opportunity to buy a property that’s in preforeclosure… $6500 will cure the foreclosure and bring the loan current

My question is how soon can I cashout on this property with a loan, sell to an end user, etc.

I understand I can place a tenant buyer in the home but I would rather get someone that can qualify for a loan. Would seasoning issues prevent this from happening?

Specs on Deal:
ARV: $60,000
Loan Bal: $30,000
Repairs: $2000 or less
Seller will take payoff and walk…

2

Most good lenders will take the receipts from the repairs to see repair was done and will set aside the title seasoning issues.

Others will do the loan with no seasoning but just give you Sub-prime rates which are better than no rates at all.