Should I seek an auction property in my neighborhood?
House is really nice brick home, no recent property info, have left message with auction house, they require $5000 down pmt, which i can come up with, 6% buyers premium, and 30 days to come up with balance. This is my problem. Being currently unemployed, and not knowing what their bottom line is to begin with, let alone what my ARV and other costs are going to be, how can I determine if this will be a good deal? I have not officially bought any property for REI, other than the house I live in, so I am unsure how to approach or get further information to help me make a decision. Since I am unemployed, but with good credit, I am assuming conventional financing is out of the question. What do I do in this situation? Do I just wait until I find another job to have the security to get financing, or is there some other way to get financing in a hurry? other family members or friends with money is out of the question, as there are none.