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trying to refi a bank owned property?

This topic contains 1 reply, has 0 voices, and was last updated by Avatar of flylady flylady 13 years ago.

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  • #3595
    Avatar of flylady
    flylady
    Member

    Hello NARs members,
    Can someone please give me direction. I am purchasing a bank owned property for 15,000 cash that was foreclosed at 75,000. I have a buyer that can’t get financed traditionally AND I am charging them 33,000, so I would be the bank. However, I want my 15,000 back. I was told that I can refi, but I can’t refi unless the house is in decent condition, which it is not. It needs work. The RB is willing to do the work. In what order can I structure this deal? How can I go back to my buyer after she has made it habitable and tell her that I want to refi and get my money, and then put it into a trust. Any ideas are really appreciated
    Thanks, Tracey

    #21702
    Avatar of bmwall
    bmwall
    Member

    Hello flylady/Tracey,
    what is location of property?

    perhaps you can get a cash investor to come in and provide you your cash out, in exchange for some of the equity.

    Your right, if property is “trashed” you won’t get a bank to touch it.

    How much are you collecting each month?

    Are the “buyers” expecting to refinance in a few years to cash you out?

    How long are you expecting the fix up to take?

    #21703
    Avatar of flylady
    flylady
    Member

    The buyers are expected to refi to cash me out in two years.
    Fix up should take two weeks.
    Highland Park, Michigan
    Still not sure what her payment will be, but I’m charging 11.5 interest.
    I like your idea about the investor providing cash out.
    Thanks for your input.
    Tracey

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