Help for a newbie

[Jo-Ann Pelletier]

First, thanks for all the great knowledge I have already gotten from this site. There are some real experienced people here!

I would like to purchase an REO -- not for a flip but for my in-laws who have never owned a home. Father in-law is very handy and would do all the work so in the end, it would be an investment.

I am wondering the best way to have the $$ ready to make offers. I plan to use the equity in my home (I figure we owe only about 26% of its current value) but I don't want to take a loan until I know if I can get an offer accepted. I don't have the 100 or 150k lying around and wonder if a temporary line of credit would be the way to go. Would banks accept that as proof of funds? How do I actually go about making an offer -- with an inspection and tax lien contingency? Am I best getting an agent to help with this?

So confused...