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Updated over 7 years ago on . Most recent reply

Christopher Hunter's profile image
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Christopher Hunter
  • Investor
  • from Atlanta, GA
  • Member since Oct 26, 2016
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Christopher Hunter's profile image
Christopher Hunter's profile image
Christopher Hunter
  • Investor
  • from Atlanta, GA
  • Member since Oct 26, 2016
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Christopher Hunter
  • Investor
  • Atlanta, GA
144
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335
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Foreclosures

REO property not able to get bank financing

Christopher Hunter
  • Investor
  • Atlanta, GA
Posted

Why is a REO not able to get bank financing?

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Marina Draper's profile image
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Marina Draper
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  • from Newton, MA
  • Member since Nov 25, 2015
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Marina Draper's profile image
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Marina Draper
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  • from Newton, MA
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Marina Draper
  • Accountant
  • Newton, MA
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Marina Draper
  • Accountant
  • Newton, MA
Replied

It depends on the condition of the house, if there are any flaws and unsafe issues, the bank will not finance it as they can't resell the house afterwards. The banks usually resell mortgages to Fannie Mae or like, which have strict rules on the mortgage, so they just follow the guidelines. Also, it needs to appraise at the certain amount to be able to get financing.

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