These types of properties are one of the last remaining jewels in the foreclosure market as many people incorrectly shy away from them when they shouldn't. There's very potential equity in many of these homes.
But in doing some basic research I found several programs that allowed for repairs and fix-up to be done after closing and be included in the mortgage. My buyer clients were able to put together a much better offer than those offering cash (such buyers tend to low ball). It was really a matter of presenting the offer in a way that set aside the bank's misconception that cash was the only way to go.
We now have several excellent lenders who specialize in financing such properties. We even have contractors who can estimate needed repair costs. I would be happy to share those with you. Feel free to call or email.
Steele V. Propp
Bank Foreclosure Specialist
Homes are often listed as "cash buyers only" because the seller knows lenders will not offer financing on the subject property.
This is normally the case when the property in not in livable conditions, in great disrepair, requiring considerable renovations.
It sounds as if this is the type of home you are seeking......but they often come with a liability...cash only buyers. This does not mean you couldn't use some creative means of coming up with the money to pay cash!
Good luck with your purchase,
Keller Willams Realty