New House - No financing?

[Anthony Bernabei]

Hello BP, my name is Anthony Bernabei.

I am completely new to BP and the real estate world. I recently read some books by Brandon T and J Scott. I have been interested in this for year and may have found a good deal nearest myself with a few concerns that the community may be able to help me with.

In Sum, I found a foreclosure near me (1/2 a mile) for $19500.

After contacting the agent in charge of the deal and checking it out myself, she informed me it would probably involve a heavy fixing up, what I estimate to be around $12000. I hope to acquire the property as I have big dreams for these things. She informed me that a financing option may not be available, typically a cash option for such a low valued property. This is a good and friendly Ohio neighborhood that you might blink and miss if you drive through. My questions are as follows-->

Will a bank finance me some sort of special loan for this property? I can not see anyone buying this home for cash as they may as well find another nicer property for their family anyways. I know it is of low value but what will they do? Tear it down? I mean, it has dropped 5k over a month and then another few thousand. 

If I cannot seal a loan from a bank, what could I resort to? I can't buy it outright and the bank will probably not sell this in that manor as well.

Thanks BP Community!