Please keep in mind that if there is an unfinished home, or an REO that is damaged to the point a conventional lender won't lend is available for a 203k Streamline loan in which you receive a purchase money loan to buy the home and receive up to $35k in cosmetic repair money -all in one loan. The 203k Standard loan is available as well for more in depth repairs ie..room or garage addition, or even a full tear down of the property. You'll be competing with cash investors out there, but there are quite a few properties with low curb appeal, or just need alot of TLC where the 203k's can help.
I am not quite sure what your intention is in purchasing an unfinished home. Are you looking for something like the all-cash opportunity at 335 East Wilbur? You see, unless there's an REO or trustee sale inferior product tossed into the marketplace for contractors and investors to drool over, there generally is not much demand for unfinished homes --- nor is there financing. Ted and Bonnie have their finger on the pulse of the MLS and local inventory. Once this type of property enters the market, it will typically ge absorbed within a week or two, as there is a substantial profit motive for that investment team fortunate enough to acquire the home.
Foreclosure & Short Sale Specialist