re: Real Estate Question: Haggling a Foreclosure

Find a good local bank and get a renovation loan. They generally follow the same format as 203k but Give you much more leniency. 203k also has built in caps for how much you can borrow for renovations. The bank will require an as is appraisal and a hypothetical renovated appraisal. The will most likely want to keep your loan under 90% of the final value. You generally will have a balloon until construction is done, then You can refi to a conventional. One of the perks is the equity you generate during construction will be the down payment.