Is it possible to refinance an auction buy
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