Auction/foreclosure buying process

Member since 2023 · 13 posts · 2 votes

If I decide to buy from a country auction, how does that process go? If I win the property, do I need cash up front or is there a holding period to get the financing in place? Would I go through traditional avenues of obtaining a loan, if I didn’t have any private money?

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
Quote from @Jeff Valone:

If I decide to buy from a country auction, how does that process go? If I win the property, do I need cash up front or is there a holding period to get the financing in place? Would I go through traditional avenues of obtaining a loan, if I didn’t have any private money?

If you buy at auction most require the cash to be paid at the auction, some give you ten days but there is no chance you can get a loan through traditional avenues for auction properties. You would need money from a hard money or private money lender which that will be tough because they will want a formal appraisal and with auction properties you do not get to see the inside.
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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
You need to fund the property in cash within a few hours of the sale with a cashiers check. Hard money will work as long as you let the lenders know to do title work. It usually is an option for seasoned investors.
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