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Derrick Johnson
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Andrew Garcia
  • Lender
  • Charlotte, NC
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Andrew Garcia
  • Lender
  • Charlotte, NC
Replied Jun 27 2022, 10:52

Hi @Derrick Johnson, the biggest issue I have seen is that you typically need to pay in full within 24 hours of winning the property at auction. 

Therefore, you will either need to pay cash or have a liquid source of funds available.

Be sure to get this lined up before you start placing bids because you will not be able to get conventional financing this way.

As for REO properties, time is the biggest issue.

You might make an offer today and not hear back for a year. Then, if the bank accepts it, you might not have the funds to buy it.

However, if you can pull off either of these strategies, you will be getting properties at deeply discounted rates.

Hope this helps! Let me know if I can be of any assistance.

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Derrick Johnson
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Derrick Johnson
Replied Aug 12 2022, 17:28

It does, thanks for the info Andrew!

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