Finance a Foreclosure

[Barrett Brown]

I will try to keep this short.   I have a great foreclosure deal that could net 50k after all costs or $600 per month in cash flow.  Problem is, it has mold in the basement. I am 110k short to finance all cash. My lender said they will have to have an appraisal, when the appraiser states there is a severe mold problem, the underwriter will require this be corrected before closing. The bank will not take care of as the house is sold "as is", therefore I can't get the money to purchase.

Anyone have a situation like this before?

Thanks in advance.

[Jonathan Key]

Solution: Find new deal.

I get it is 50k potential profit, but mold?? That could be kryptonite my friend. How much do you stand to loose if you have to try and get it done and you are wrong? Find 2 deals that will net you 25k each with no mold and sleep better.