If you will cash out later interest rate will be higher compare to regular purchase.

@Kathryn Stevens   Here are four regular types of construction contracts.

Agree that an REO agent is not generally the best agent for a regular listing.  

So, if you are going to use it to buy a house that requires cash due to its condition, you need to be able to refinance it into a regular loan once the work is complete.

If the regular forums were left to their own devices, virtually every thread would devolve into "Call me and I can hook you up with that" posts.

Regular banks also take about 30 days to underwrite a loan. 

Our cash flow and credit scores are good (mid 700's to 800's depending on which reporting agency is used) but we do not have W2 jobs anymore so that prevents the regular bank route for a 30 year loanAll feedback appreciated!

They use direct deposit for all tenant rents and over-communicate with me regularly.

., at a number you look up, for wire instructions.....scammers hacking emails and sending wire instructions from almost identical email addresses, giving instructions to wire to a bogus account are becoming rampant.

After talking to our finance guy, we've learned that there are no regular\conventional loans that we could use to buy it, but our numbers look really good if we can get it and finish that unit off.