Funding Auction Purchase Loan
In my county in Florida, winning auction purchases have to be funded by 4pm the same day you win the auction that morning. Even using a HML, can you really receive funds that quickly? Most HML i'm looking at say funding within 7 days. Also, if you win the auction and can't fund by 4pm you lose your deposit. What am I missing here? or is this a cash investor only game?
Most Popular Reply
Needs to be cash.
HML lending is usually subject to several things like inspections, title policies, and appraisals. You won't have any of those with an auction property that requires same day payment.