I went and looked at several REO and thought that I would put in offers of 50% less then what the bank was asking. I wrote up my offers, asking the bank for 100% financing with some extra money for repairs(one doen't even have a kitchen plumbed in and has mold growing in it- the other is a total gut but the property with it is worth it) I also aksed that my first payment be payable in 60 days this will allow for time for fix up and will give me enough time to sink renters into the place I got this idea from Indiana Joe- Thanks by the way and this is what my real estate agent emails me back stating:
"I'm sorry, I understood that you had private financing for your investments. To the best of my knowledge, banks are not willing to provide financing to investors unless there is 20% down, and they do not provide money back for repairs. I would love to be able to help you, but I cannot write these offers as is.
Licensed in MN and WI"
So now my offers are not being submitted and I am not sure if I should try to fax them directly to Deutche National Bank or the listing agent or what? Please help with any advice.