$50k short of an all cash $425k foreclosure purchase that can easily fetch $600k plus, cosmetic problems only (pets run amok). Since the return would be good, but with time short, do I have any way novel or traditional ways of raising the funds to complete the purchase? personalfinance

Unbeknownst to me (until now), negotiating a price with a bank on foreclosed property is robotic: they don't budge, they only drop the price 1% or less, and they simply don't care, they don't have to. Even if you are all cash.

I am currently making offers to the bank, and have made my 10% deposit, but I am well short of what the bank wants. The inspection reveals no large problems, it really is all cosmetic. A group of dogs with high anxiety were allowed free reign of the place: baseboard molding chewed, ruined carpets. Some other issues: no refrigerator, garage door bent, missing panels, etc., but nothing major.

Someone else will probably swoop in before I am able to raise any funds. C'est la vie!

But I thought perhaps /r/personalfinance knows a way to raise funds quick if the returns are so excellent.

Submitted October 08, 2015 at 07:34PM by ouchity_ouch http://ift.tt/1RvNQsf personalfinance