Good Day everyone, hopefully I can get a good answer asap. There's an auction that ends in 2 days and I'm trying to bid on a home for $30K. Can anyone suggest any hard money lenders that they have used in the past to get this kind of cash asap?
I'm a hard money lender but here's the problem...
In order to qualify to borrow hard money, you must submit a purchase and sale contract along with your anticipated list of repairs and repair cost. An auction doesn't allow for that so you must find other money sources. Auction may not be the best way to purchase properties until you have experience and money already available.
Thanks Karen! I'm determined to figure this out lol where there's a will there's a way. Any ideas anyone?
Only with a Hard Money Loan set up for this purpose. Conventional bank financing is dependent upon Title & Appraisal which take time a foreclosure auction doesn't permit.
How we you would need 50% down payment and the lender may be able to do 50% for purchase price only. You won't know what the rehab budget is until you get inside the house. Which you won't be able to until you acquire the property.
Auction bids are very hard to get financing in place as the court works best for cash buyers.
NOT going to happen, especially in 2 days. You're only chance is to find a money partner, family, friends, etc.
Ok :( what about opening up a line of credit from a house I already have?
Even opening up a line of credit takes more than 2 days. You need cash on hand for these types of deals.
ok thanks everyone. Feedback was helpful