AFAIK most purchases of this type typically require cash more likely cash equivalent (cashiers check)
Other than the idea of writing balance checks to yourself, there's likely very limited methods for doing this using your credit card.
Typically all of these either at auction or direct purchase tend to go this route to my knowledge. Was looking at this recently out in my neck of the woods, but I'd have to beggar myself to come up with the amount of cash required. I can hit 20% on a nice property without digging into retirement funds, but full cash on what goes for fixer upper prices ugh.
Some sort of alternate financing is likely the way to go, Prosper or other personal loan. Mortages won't be underwritten on this sort of sale to my knowledge.
Other than the idea of writing balance checks to yourself, there's likely very limited methods for doing this using your credit card.
Typically all of these either at auction or direct purchase tend to go this route to my knowledge. Was looking at this recently out in my neck of the woods, but I'd have to beggar myself to come up with the amount of cash required. I can hit 20% on a nice property without digging into retirement funds, but full cash on what goes for fixer upper prices ugh.
Some sort of alternate financing is likely the way to go, Prosper or other personal loan. Mortages won't be underwritten on this sort of sale to my knowledge.
@Revelate wrote:
AFAIK most purchases of this type typically require cash more likely cash equivalent (cashiers check)
Other than the idea of writing balance checks to yourself, there's likely very limited methods for doing this using your credit card.
Typically all of these either at auction or direct purchase tend to go this route to my knowledge. Was looking at this recently out in my neck of the woods, but I'd have to beggar myself to come up with the amount of cash required. I can hit 20% on a nice property without digging into retirement funds, but full cash on what goes for fixer upper prices ugh.
Some sort of alternate financing is likely the way to go, Prosper or other personal loan. Mortages won't be underwritten on this sort of sale to my knowledge.
You are correct! Lenders require appraisals.
One option would be to get a 203k (otherwise known as a construction) mortgage... Its basically a mortgage for fixer uppers. Once the place is fixed up, then the mortgage can be refinanced into a normal mortgage once the repairs are made. Only certain repairs can be made using this type of mortgage, and you have to have estimates for all of the work you want to do before hand.
In this way, you borrow both enough to buy the house, plus enough to make the needed repairs
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Thanks Webby! I didn't know those even existed.
I was looking at it from a policy angle, and I may be mistaken in my post thinking about it. I need to research it more, just that foreclosed/REO properties around here are still unaffordable sans mortgage that I stopped looking at the first hurdle but that may only apply to auctions here. Not sure
I was looking at it from a policy angle, and I may be mistaken in my post thinking about it. I need to research it more, just that foreclosed/REO properties around here are still unaffordable sans mortgage that I stopped looking at the first hurdle but that may only apply to auctions here. Not sure
Rev, if you're serious about the investor route, take a look at http://www.homepath.com/
Fannie Mae REOs can be bought using a homepath mortgage. Listings on the fannie mae site are eligible for investor Homepath Mortgages after the initial 15 day "First Look" period.
HomePath Renovation Mortgage allows a buyer to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation — up to 35% of the as completed value, no more than $35,000. Available for owner occupants and investors. Go here for the investor page at fanniemae.
I don't want to go too deep into this topic, since it would be disrespectful to the OP's original question...
But there are alternative financing options out there besides using a Credit Card or personal loan.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Thank you all for the good, thoughtful discussion. I'm learning a lot.
I definitely don't want to do anything that's not ethical or anything that would bring AA on me from cccs. The balance transfer idea is interesting and I will look into DCU, though I'm supposed to be gardening now 
and would like to avoid any new CLs or LOCs. At the moment, I don't think I could show a financial institution enough income to justify new credit anyway.
The thing is about this house that when I say DIRT cheap I really mean it. Four digit price, and though it's definitely a handyman special it's in a nice area on a large lot. It's bank owned, so I don't have flexibility for making deals with the seller, but it's an amazing deal as is. Thanks again for all the suggestions.
@Gunnar419 wrote:Thank you all for the good, thoughtful discussion. I'm learning a lot.
I definitely don't want to do anything that's not ethical or anything that would bring AA on me from cccs. The balance transfer idea is interesting and I will look into DCU, though I'm supposed to be gardening now
The thing is about this house that when I say DIRT cheap I really mean it. Four digit price, and though it's definitely a handyman special it's in a nice area on a large lot. It's bank owned, so I don't have flexibility for making deals with the seller, but it's an amazing deal as is. Thanks again for all the suggestions.
If you have a retirement account, 401k, or certain insurance policies that have face value, you can also look at taking a loan against one of them 
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
