is it possible to buy bank owned properties on a lease option

In Buying Property - Asked by orlando p. - Jan 14, 2011
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Answer(s)

Christina U.
Broker/Agent
Las Vegas, NV

No but you can buy them, then do a lease option for your tenant...I can help you with that...I can help you purchase the property and help you get a tenant who wants a lease option, put them in the home, then put the property back on the market if you want to sell it to someone else who wants a tenant occupied lease option. Its basic stuff.

Jan 16, 2011
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Rob B.
Chandler, AZ

Orlando.....
Christina's answer missed one point I believe. It appears to me that the reason you might want a lease-option is that you do not have sufficient money to handle the bank purchase. If this is the case, I believe the rest of Christina's answer may be for naught. There are many agents that can indeed help you with the "basic stuff", but you will not be able to convince a bank to let you option a property. The financing institution’s goal with their REO's is to get properties off their books. In fact if the truth be known they really wanted someone to buy the properties at the public foreclosure auctions. Keep on thinking of ways to add new dimension to your desire to own properties. That is the entrepreneurial spirit that has made America great!
Good luck Orlando...... Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: rob@capratecommercial.com

Jan 17, 2011
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Glen W.
Lender/Mortgage Broker
Atlanta, GA

This is not possible in my opinion. The banks want to bail on the property and free up their balance sheets. You might be able to find a private lender to help with the take down loan until you can achieve conventional financing.

Jan 21, 2011
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