Here's another one. I put an offer in on a house that is bank owned and has dropped 3x by the bank from $240 to $229 to $209. I offered $170K and the house needs a minimum of $30K in repairs. The bank is still sitting on it a month later and not one other person has made an offer to the bank because of its current condition but even after plenty of walk throughs. The FMV in fixed up condition could fetch $260-$270 according to my realtor. I want to buy it and sell it as a lease with option because I already have a buyer! What are the chances of getting a loan refinanced these days. If I go back to them and resubmit an offer and they accept. I have the $30k to fix it but want to buy it on a 80/15/5 and refinance the 2nd in 60-days with the new higher appraised value after fixing. Is anyone else running into problems with banks not refinancing a second mortg. in 60-90 days? That would be the killer on this deal if I couldn't get it refinanced to make the profit back out of it ASAP and continue to buy more property.