Is it possible to refinance an auction buy

[Shalabh Jain]

I'm just reposting - think this is a more appropriate forum.

I had my eye on some Sheriff auction properties in Allegheny County, PA. I'm new to this type of property and have been reading a lot on this forum and the other sites and it's overwhelming.

Here we have to make an all cash payment in 5 days. I can arrange that by family loans. My question is, how difficult is it to get a refinance mortgage for an auction buy? The properties I have narrowed all seem to be foreclosure of the first lien (main mortgage). I'll probably get a formal thorough title search done once I'm sure of a few as well.

My understanding is that titles offered by the bank would be clean after the auction. So what all problems can prevent me from getting a mortgage on it?

Also, if I can get a mortgage, will it be based on the auction price or the price determined by an appraiser. I guess the idea is to see whether my repairs would help I'm refinancing.

Thanks for your help

[Shalabh Jain]

Thanks @Chris Mason. My family loans are unsecured - goodwill loans I should say. I would ideally like to return the money as soon as possible - so perhaps it would be best to avoid the 6 month period if possible, without going to a HML.

Actually I plan to live in the property myself, and based on how much value add it has, improve it slowly. Start with the big impact items and move from there. I'll start calling some lenders! If you know of some in the PA area, let me know. Thanks.