The procedure is basically the same for purchasing bank owned, short-sale, etc properties. However, the offer (purchase agreement) needs to be approved by the bank that has the loan on the property. In our experience with these and depending on the bank, that may take a week to months!
A hard money loan is a specific type of asset-based loan financing in which a borrower receives funds based on the value of the real estate. Hard money loans are typically issued at much higher interest rates than conventional loans. Now, the question of downpayment and time frame of approval will depend upon the particular lender. Please contact me and we can put you in touch with a number of lenders that offer a variety of choices.
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