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08-01-2022, 06:28 PM #1
- Join Date
- Jun 2015
- Location
- San Diego, California
- Posts
- 40
REO Mortgages for California Real Estate
North Coast Financial can provide an REO mortgage on California real estate for buyers looking to purchase bank-owned property directly from lenders. Banks typically do not accept traditional financing when they are selling REO property. They will request either all cash or REO financing from hard money lenders. REO mortgages are generally available for buyers with a down payment of at least 25-30% of the purchase price of the REO property.
Once the buyer has secured the property with the REO loan, any needed repairs or improvements can be made. Once completed, the property can be refinanced into a traditional long-term type of loan or sold. REO loans can be funded in as few 7 days. REO mortgages are commonly short-term and written for 12 months which should be plenty of time for the borrower to refinance or sell the REO property.
Please contact North Coast Financial for additional information on REO mortgages.
North Coast Financial, Inc.
2424 Vista Way #202
Oceanside, CA 92054
760-722-2991
jeff@northcoastfinancialinc.com
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