Cash for Auction property

[Albert George]

Hi All,

Need suggestions and direction to proceed.

I am looking at an Auction property which I want to buy as an investment. The bank needs cash for this property, however I can only secure a loan for which ima already pre qualified. 

What are my options ?

[Shenice B.]

From my knowledge, they say cash only to indicate that they don't have a financing option available for the winning bidder to use. I call to verify that I can use a hard money loan to purchase and once they say yes, I place my bid. I have purchased from hubzu and auction.com and once the bid is won, they ask how it will be paid for. It's usually cash or hard money. The title company would then arrange everything so the lender can coordinate and wire funds the day of or  day after closing. Let me know if you'd like to speak further! Happy to help where I can.