Experience with Closing on Auction.com???

[Andrew Freed]

Hi BP Community,

I am an investor interested in a couple properties on Auction.com and wondering if anyone has closed on any deals through this company / has insight. For the deals that I am looking at, it advises the following:

"Cash is the accepted payment. In some cases, hard money loans and lines of credit are accepted. See purchase documents for details. Why? You'll need proof of funds within 48 hours of winning the auction. Conventional financing cannot be used to buy this property."

For my particular situation I have the funds to provide the deposit in Cash and had a pre-approval letter from a private lender for this property (which is dependent on appraisal, title, and final underwriting decision), but am unsure if they will accept this as documentation or if I will be out my earnest deposit if I go for this opportunity. According to the P&S, I do have 30 days to close and provide the cash. Has anyone finalized a deal through this site before? Have any thoughts? Much appreciated!