If the property is bank owned and is listed for sale they will be the ones to decide which method of payment they will/will not accept. If it is sold at Sheriff's sale then in PA it is 10% at the time of sale and the rest within 20 days. It is impossible to find financing on a house that appraiser can't go into and have it this quick. I was able to have it done but property was only 3 yo and I had 50% down. So it only required drive by appraisal, BUT I also have super mortgage person and it was over 10 yo. I doubt you can pull it now.... more
All the answers are viable.
My motto is to be creative in buying and selling. I had a situation where a property was priced high as to show the IRS the seller was selling his home. We needed to do a 1031 exchange to a trust to help the seller with his situation.
Using your 401k you may buy investment property without incurring any early withdrawal penalties. Ask me how?... more
Did you ever purchase that townhouse? I just saw a FNMA-owned REO in West Lake Village, a 3bdrm/2.5 bath, in a gated community, in Hollywood Lakes area...which was being completely re-painted. It's a Homepath, which means you can get 3.5% closing costs, if you qualify. Let me know if you'd like to see it. It's in Trulia listing, under my name.
if you still need someone to search other townhouses or beach properties for you, let me know. I live in the area and am active in the community.... more