Auction/mortgage question

1 Reply

I am a licensed realtor. I got my license to help find deals, and to make money to fund deals. Given that, I have had a client come to me interested in a house that is going to auction in a couple days through Auction.com. He does not have the cash to buy it outright, but I have friends who do have such funds. He would then buy the house as-is from the investor as soon as he could close using financing. The question is, are there any loan vehicles that don't require 90 days to close after a house has been purchased?

First, if the auction is a REO auction your buy can use financing, if the property qualifies. If it's an actual foreclosure/trustee auction, the no. ONly FHA has a 90 day anti flip policy. As an agent, you need to have a relationship with a knowledgable lender.

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