Tax Deed Funding
Hi. At tax deed sales in some counties, it is possible to put a property 'under contract' ( ie pay a percentage of the full auction price - usually 10%) on the day of the auction, then have around 30 days to pay the rest of the amount.
Is there any hope of getting funding (private, hard money?) in the 30 day window if I pay the 'deposit'?
This is assuming a very good deal eg max 50% ARV.
Enquiries I have made so far always come back with 'once you have clear title.....'. Problem is this can take 3 to 6 months, and apart from the deposit I don't have the rest of the money upfront.
I am thinking of advertising some deals I have found in the market place, but I am worried that if I advertise them before I have won them at auction someone else could outbid me, but if I wait until after I have 'won' an auction and got the property, I can be held in contempt of court, face fines etc if I can't come up with the rest of the money in the 30 day time period.
Any suggestions????
(I hope this doesn't fall under the heading of loan or lender request - this is my first post, and I am just after some general advice and if anyone else has experience of what is / is not possible!)