Investor · Asbury, IA · Member since 2018 · 80 posts · 29 votes
Hello BP,
I have an opportunity to buy a home from a sheriff's sale. In oreder to close on the house you must have 100% of the cash the day of the auction. Sale price will likely exceed $270,000. The property is easily worth $340,000 as is. I have an investor willing to front the money. The plan is to have the investor buy the home and then I will get traditional financing through a bank. I've already been pre-approved. The question is, can I buy the house for the investor in his name? I'm thinking he could wire funds to Walmart in the form of a cashiers check. I would then take that check to the sheriff's office and purchase the property in his name. Will that work? Is there a step in this process I am missing? It seems so simple in my head.
There are pretty serious implications if you do not have the money the day of. Is it possible to have the money before hand? I have never done the walmart to walmart but can they transfer that much in a day? I think it would be best to buy in your name and have his money secure a mortgage on the property. Make sure to go to the sheriff sale and see how it works. In my area they are hardly a deal anymore because of the competition and bidding up.