Los Angeles, CA · Member since 2015 · 15 posts · 0 votes
Hey guys,
I recently came across a property that is up for probate auction this Sunday. It's a great property in a great area. 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 on the day of the auction. I have financing for the property in place but need money to put down that day. The valuation on the property is almost double the current assessed value. It's a great property in a great location so I really want to make sure I get it. Any ideas on how I could raise the funds on such short notice? Any help is appreciated.
Los Angeles, CA · Member since 2015 · 15 posts · 0 votes
11y
Thanks for your response Rick. I found the house, conducted all research, obtained property assessment and valuation for both current condition and post rehab, secured financing and a contractor. I'm just looking for liquidity for the day of the auction this Sunday, August 16 for the 10% deposit which is necessary to bid and due on that date and would be fully reimbursed once the payment is funded which should be within one week and would only be utilized with a winning bid. I've capped the auction amount at $750K for myself so funds needed for the auction would be a max of $75K. Obviously, unless there is a winning bid all money would be returned in full. Essentially, I'm looking for a very short term loan to be reimbursed in full when the house is funded in one payment which again is within a week with a winning bid. I'd be happy to provide any additional info or proof of funds. Thoughts? Thanks again for the response.