Buying this kind of property might make sense to you if you have the patience, time and money to persue it. Get your money organized, keep in close touch with your lender to make sure your interest rate is current and when you get ready to lock your loan, make it for as long as possible. The banks are very slow to cooperate on these sales, and they don’t respond in writing. Work with me to keep track of each offer to you make. Continue to research loan options. Sometimes the bank will offer financing through their own lending department, but it is possible that their loan officers will not loan on a property if the zip code is depressed. or declining.