All Forum Posts by: Sandy C.

Hi Garrett,

I am in the same situation and having the same issues. I would be interested in any responses/information you got regarding these issues.

Thanks Chris. I already have a bank lined up and ready to go for the mortgage. Working on the hml.

I actually did a lot of due diligence on this auction and this property, however, some terms were changed the day of the auction and those terms are still not clear - like whether they allow a mortgage. They never said I cannot, but it was insinuated by the auctioneer. I decided not to walk away based on the insinuation. There are many auctions that allow a mortgage if you can close in the time frame they need.

That is why I asked whether anyone had experience with this District Attorney (DA) auction because I am curious about other's experiences. Settlement is at the end of December.

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!