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Updated about 7 years ago on . Most recent reply

Karen King's profile image
Karen King's profile image
Karen King
  • Investor
  • from Knoxville, TN
  • Member since May 24, 2017

User Stats

8
Posts
1
Votes
Karen King's profile image
Karen King's profile image
Karen King
  • Investor
  • from Knoxville, TN
  • Member since May 24, 2017
Karen King
  • Investor
  • Knoxville, TN
1
Votes |
8
Posts
Starting Out

Dealing with Auction home on Hudson & Marshall

Karen King
  • Investor
  • Knoxville, TN
Posted

So I just won a house on Hudson and Marshall auction. The price was 206.500. The bank countered 207.600 I accepted. I am using hard money and got approved for rehab 30k plus cost of auction so im all in at 237,600. The ARV is 319k. Problem is the auction company is saying that I cant use hard money. Cash only. Isn't hard money a cash transaction? I'm totally confused and have until tomorrow morning to come up with an additional 157,600 as I have 50k in the bank from my first deal. Anyone with more experience have this happen to them? If so how did you get around it.

Thanks Karen, Portland Oregon

  • Karen King
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