I have a few questions about bank-owned properties. To fill you in on my situation, I have a partner with great credit and a good steady income. My job is to study, learn, and do all the leg work.
- When putting offers in on REO properties, is it best to have your financing arranged ahead of time? It seems like in my situation where someone with superb credit will be acquiring the financing, it could be an incentive for the bank to sell quicker if they were able to hold the new mortgage and collect the interest. Do buyers typically use the bank that owns the property to acquire the mortgage, or do they normally have outside financing from another lender?
- What type of capital gains hit are we gonna take if we're looking to do some cosmetic uprades and flip the house quick?
Thanks in advance for any help,