Buying at auction with very little cash

2 Replies

I plan on going to an upcoming auction but don't have much capital, really going just for the experience. I currently have a pre-approval letter for bank financing and could potentially have around $20k to make a deal if there were one to go for that price. My question for "cash-only" sales are there any instances where a cash-only property would decide to accept bank financing?

Chris, typically if it’s a “cash only” sale it’s because a bank won’t finance it for some reason. If financing was an option, it probably wouldn’t be cash only. Good luck 

Bruce

@Bruce Scannell

Thank you, the properties that I see up for auction that I am really referring to are very nice properties, pretty rich neighborhood so I know that it's not the condition that makes it un-financeable; so I don't know what other reasons it may be. But I was just wanting to see what the odds were for that to happen. Thank you!