Only cash only can buy at auction - Is this true ?
First time home buyer. Trying to get good deal. Was thinking of buying home at auction(with help of some agent).Talked to an agent and he said he helps people bid on short sales.
He said the banks are not willing to sell house to people who need financing since lots of cash buyers available. Is that true ? If I pay the deposit at the auction and arrange for financing within 30 days.....even then will the bank prefer to sell it to the cash bidder ?