Purchasing properties on Auction.com

[Andy Futterer]

Rookie question here...

I am looking for buy and hold properties. I understand that financing should be in place prior to bidding on properties but what about the insanely cheap properties that you cant get conventional loans for?

Is it possible to win an auction, pay your earnest money, find a hard money lender for money to purchase the property and then refinance with the bank?

Any and all advice is appreciated.

[Sam Craven]

Go to the Hard Money lender first, and then bid. Otherwise you are really setting yourself up for failure.

Also, most of those properties are sold with a quit claim deed. So be sure to run a solid title search.