Anybody used hardmoney to buy an auction.com property at online auction.
Yes. Many, many people have.
We lend for that purpose all the time...
@Charlie Fitzgerald . If I were to find a deal on auction.com, how would you feel about the risky deed/title situations that pop up from time to time? Is there anything you and your company do to hedge against this specific type of risk because I am sure you dont want your clients to be bidding on second mortgages and such.
We establish Lines of Credit for our Auction Buyer Investors...our line amounts are based on collateralization of equity positions in existing hard assets they own and/or verified liquid funds they have. We augment that collateralization with 1st position liens on properties they acquire using the funds.
Chiming in on auction.com I fund a handful of these a year. If you are using financing be sure to check the financing box - if you offer cash they do not budge on accepting financing. Moral of the story - don't offer cash on auction.com if you don't have cash.
Typically, I just won't close on a property that we can't get title insurance on. Problem solved.