Foreclosure in 92069>Question Details

Forsight, Other/Just Looking in Valley Center, CA

We have one rental property and have had rentals for over 15 years and excellent credit. I understand that

Asked by Forsight, Valley Center, CA Tue Aug 18, 2009

occasionally a REO bank owned property may be able to sale a property with almost zero down if they feel the risk is worth it when they are the "Owner" of the property and therefore do not have the same rules? Do you know of any possibilities?
Thank you. Of course it would have to be a price that could fit into a landlord equation correctly.

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Lorraine’s answer
At this time I do not know of a lender/REO bank that is offering a situation such as the one that you are interested in. Once a home has gone back to the bank, most of the time there is "NO ZERO" down opportunities. The closest I have seen is HUD offering programs where you can purchase homes for $100, dollars down, I would recommend going to http://www.hudpemco.com and doing some research.

Crescent Moon Realty, Inc & Land N Sea Auctions.
ldksellssd@yahoo.com
0 votes Thank Flag Link Thu Sep 16, 2010
I have dealt with many foreclosures never heard of this great myth.
0 votes Thank Flag Link Tue Jan 26, 2010
no money down in todays market would be tough as you will be competing with multiple offers that will put money down. If you have a way to go to the bank directly....and buy a qualtity of properties ...you may have a chance, but I honestly think it unlikely. good luck.
0 votes Thank Flag Link Tue Jan 26, 2010
Typically...if you can pay cash, and buy multiple properties, Banks will bend over backwards to make you a great deal. Other than that, they really don't make deals.
Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve
0 votes Thank Flag Link Tue Aug 18, 2009
Good morning,

Our company received bank owned listings from lenders. When considering offers, they are looking for the best price WITH the highest probability of closing.

With that said, the buyer needs to come with their own financing. The bank wants as much money down as possible from buyers. They do not self finance sales.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure, Short Sale & Investment Specialists,
Development Opportunities & Traditional Real Estate
0 votes Thank Flag Link Tue Aug 18, 2009
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