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Updated over 6 years ago on . Most recent reply

Funding an Auction foreclosure (looking to wholesale)
I have a purchase agreement for a house in Hooper, Utah (Weber County). I have 2 days to move forward or pass on it. Here are a few of the details of the foreclosed property:
Purchase Price: $266K
ARV: $370-380K
Year built: 2007
Sq Footage: 3900
Estimated repairs: No idea
I won't have interior access because it is still occupied by the previous owner and I would need a hard money loan to complete this purchase.
Are there lenders that will loan to me even though I won't have interior access (and therefore pictures)? I am planning on wholesaling this house as soon as I close, but I'm not sure if hard money lenders would loan on this if I won't be rehabbing it.
Tagging a couple experts that hopefully can help. @Jeff Rappaport@William Hochstedler@Cody Backus@Jacob Cogswell
Most Popular Reply

@Caleb Rigby, so I have a couple of questions. First, are you buying this property from the bank? I am not really familiar with the Hooper market. What is the average days on the market for this price range of a house? The last question is I probably would not pursue the deal without seeing the inside of the property first. On that size of a house you may have to spend $60-$80K in rehab to put it in excellent condition and be worth $370k+. If that is the case your numbers don't work. In my opinion, if you have a really short time frame and can't get all the info you need I would want a much bigger spread on the property. If it were up to me I would pass on the deal or get more time so you can complete your due diligence.