How to finance an auction win

[Shefali Srivastava]

Hi,

I won an auction for a property, however I am a little short on funds to cover the full payment to the county. Is there a way I can finance this deal? This is a tax delinquent sale and the ARV is almost double of what I've won it for. I need funding to help with the full deed transfer. What are the options I have for funds?

Should I go for a private money lender? Hard money lenders usually need to get an appraisal done before they lend, which won't be possible in my case since I don't have the deed in my name yet.

[Tom Gimer]

Quote from @Peter Walther:

Quote from @Shefali Srivastava:

@Peter Walther   I have 15 days after the auction.

 I'm surprised to read that.  I was under the impression the winning bid had to be paid the day of the sale.

Many east coast jurisdictions you post 10% of the high bid immediately then need to settle within x days (10-30) of the court ratifying the sale. 

Some courts are taking 3-5 months to ratify. The high bidder is paying interest on the unpaid principal during that delay. 

Point being it could be several months before the high bidder needs to close. Even 15 days as is the case for OP gives an auction purchaser some flexibility.