REO question

[Cory LaChance]

I found an REO that fits my budget and I am wanting it to be my first home. The property is owned by my local credit union with whom I have all of my accounts with, my truck note, checking and savings account as well as a credit card. I have some private money lined up to place an offer but I was really hoping to use this credit union to refi the house when I am finished rehabbing the property. Does this situation have a conflict of interest, has anyone come across this before?

The C.U. taking less than what is owed on the property and then refinancing the same property for more money. That just sound funny when I say it out lound. LOL!!