I submitted an offer on an REO. I originally planned on using conventional financing but am now steering towards a double closing. I just don’t want to have the holding costs on this one if I can’t get it sold. In the offer my realtor typed up that the financing will be no less than 30 years. Will it matter what kind of financing I use after that offer has been presented? I am in the process of finding a buyer as we speak. How long typically will I have to find a buyer if the offer is accepted? I know that I need a buyer to get the same day closing finances but what will the banks demands be as far as pushing this through?
Just curious, how much earnest money did you have to put down?
Not a penny yet but my realtor put in $500 in the contract with an accepted offer. I know that I would be at risk of losing the earnest money if I don’t have a buyer. I’m searching my lists right now!!
What are you trying to get it under contract for?
How much is needed in repairs?
What is it’s ARV?
It’s listed at $84,900. I put in an offer for 50k. The ARV is 120k. It will need about 25k in repairs. I was originally planning on living in it and fixing it up but I decided to try and wholesale it so I’m not tying up any money.
What area?
Wausau, Wisconsin