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Author Topic: buying an reo  (Read 1342 times)

Offline hit equitys corporation

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buying an reo
« on: February 25, 2007, 04:40:22 pm »
can one use a hard money lender  to purchase an reo as a cash deal? alot of banks are  askin for cash .and plus if you buy cash. are your chances of  getting a better deal greater correct?

Offline 71tr

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Re: buying an reo
« Reply #1 on: February 25, 2007, 05:59:17 pm »
This shouldn't be a problem.  To the bank anything that isn't seller financing is the same as a cash deal, they don't care where it comes from so long as they get paid off. 

Offline PaulBroni

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Re: buying an reo
« Reply #2 on: February 26, 2007, 04:24:00 am »
True, anything that is not seller financing is "cash," but the ability to close in a few days and the ability to leave out a financing contingency in the contract will make it look a little stronger to the bank (seller).

I would be surprised if you can find a good enough deal in REO, though, to justify the cost of hard money. If you can, that's awesome, but in this area they are all either so overpriced or so picked over by new investors that it's next to impossible to land a good deal.

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