Pearl River County, MS · Member since 2018 · 20 posts · 3 votes
7y
Fred,
Thank you for getting back in touch with me. This is a rare scenario where I have some indirect connection to the property. The property is next door to my first cousin, he and his wife and friends and neighbors with the current occupants. They enter the property on an almost weekly basis, and as recently as this past weekend.
The home is move in ready and requires no major renovations or repairs. It was built in 2015, it's a 3/2 around 1500sqft on 1 acre of land.
This will be a buy and hold. My plans are to purchase the property at auction, place a renter in the home, and then cash out refinance after having title for 60-90 days.
I hope this information helps, and thank you again for taking the time to reach out to me.
Does anyone know of a HML that will fund a deal on a cash only property at an Auction?
Thank you in advance,
You could see if you can find a delayed finacing HML option, you buy in cash and then pull out money.
Biggest issue with cash only auction will probably be if there is time to get a clear title and if there is any sort of redemption periods. Lenders will want clear title before they fund it and usually won't fund if there is any redemption period.