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Sandy C.
  • Investor
  • Philadelphia, PA
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HELP: financing auction property

Sandy C.
  • Investor
  • Philadelphia, PA
Posted Nov 17 2016, 15:44

I am a newbie investor and bought my first auction property at a District Attorney's auction today. 

Has anyone ever bought at the DA auction? Someone said you cannot get a mortgage on the property and have to pay the entire purchase price plus costs and fees in cash. Is that the case? I was under the impression that you could not have a mortgage contingency, but if you could close by settlement, you could get a mortgage. The property I bought is in a great neighborhood (University City, Penn catchment) and I inspected the property and don't think I will have a problem getting a mortgage on it.

Any insights? 

If I cannot get a mortgage, I will need a hard money lender. Any recommendations? Can I use my primary residence as collateral?

Thanks in advance!

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