I recently came across a property that is up for probate auction this Sunday. I have thoroughly researched the property and have decided to purchase it and have secured financing for the property and repairs. I have found out however that the auction company requires a cashier's check in the amount of $25,000 plus a personal check for the difference to equal 10% of the winning bid. I have financing for the property in place but need money to put down that day. Any ideas on how I could raise the funds on such short notice? Any help is appreciated.
no idea. But curious how you secured financing when the purchase price hasn't been determined since this property has yet to be auctioned?
You'll need a money partner, in addition to, or instead of, financing.
Do you have credit cards with cash advance?
Thanks for the suggestion guys. I secured financing up to a certain amount along with my own funds to cover the cost of the home and any additional expenses. All of those ideas are great but with the financing I already have in place and with the auction deposit amount in addition to that not sure that would cover it the day of the auction. The additional funds are only necessary to cover the deposit the day of the auction. Essentially the deposit amount would be reimbursed with a winning bid and is only necessary to place a bid and cover the deposit the day of the auction. So, it would essentially be repaid as soon as payment for the home is made usually within 3 days. Any thoughts on how/where to find a money partner. I appreciate any help.
do you know where to find list of the probate auctions in la
Find a hard money lender in your area. Expensive but not bad for what you need.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing