i have a freind who is looking to purchase a 2 flat but she is coming in with conventional lending. i have ran across many reo properties that fit some of her needs but i’m a little concern about her finaincing people will require seasoning before they approve the loan. ok fine, i’ll do a double closing if they do. my questions are:
will the bank allow her the full amount she has been approve for to both purchase a reo property at discount and let her make the nessessary repairs on the property as long as the work need doesn’t exceed the amount she has been approved for.
has anyone done a deal this way, if so can you give me some options on how to structure this deal.