If Im looking to buy a foreclosure at a Sherriffs auction and dont have the full amount in 30 days. Can I pre arrange with a lender to lend me the amount after I buy It( pay the 10% down). Like anything under 30,000 or whatever they pre approve me for. Is this possible?
2007-07-27 09:49:01 · 5 answers · asked by michigangutcrush 2 in Business & Finance ➔ Renting & Real Estate
All Ca. auctions require full payment at time of purchase. I have seen some embarrassing scenes at various auctions when the price has been bid up and the buyer does not have the money. The Auctioneers hate this and sometimes ridicule the unlucky buyer. If you haven't been to an auction before you are in for a surprise. Many times the properties in question have been withdrawn from the sale or Taxes paid on the property. This used to be a wonderful way to get rich but too many people figured it out and now it is generally not cost effective. To many people and to many uninformed people help to push values to retail and sometimes over retail. Watch a few auctions before you jump in and don't let the bidding frenzy get you. Good luck
2007-07-27 13:09:11 · answer #1 · answered by Traveler 7 · 0⤊ 0⤋
I found http://how-to-buy-foreclosure.com... and they had some great information. I actually bought the ebook package, learned a lot and am working on my first deal highly recommended by me. Anyone else check out this site? I enjoy ebooks cuz I can read them on my computer and everyone I get gives me a little nugget of information that is going to help me succeed. . This sites info really gave me everything I need to know... I think I can finally stop wasting my hard earned cake on seminars, books, ebooks, audio tapes on how to do foreclosure and pre-foreclosures. But check it out for yourself, hopefully it helps you like it did me.
Peace be with you
2007-07-29 13:16:49 · answer #2 · answered by Eric S 1 · 0⤊ 0⤋
I have heard that Elite star auctions LLC are coming up with an amazing collection of properties including villas and mansions! Wow, I would love to be a part of these real estate auctions. I will defiantly go ahead and get name registered for this biggest property event.
http://www.ezayedrealestate.com/
2014-08-07 03:33:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Real Estate Auctions may be too risky for the average or newbie real estate investor. You might try investing in other types of homes that are undesirable (e.g. ugly homes, condemned, abandoned) These types have less of a following and you may get them pennies on the dollar!
Charlie
www.InvestInUglyHomes.com
2007-07-28 17:29:08 · answer #4 · answered by ABC 2 · 0⤊ 0⤋
you did not list what state you are in.
however, most trustee sales or real estate autions (whatever you want to call them) require proof of the full amount on the day that you bid. usually high bidder wins and you must supply your money at that time. it is usally cash and carry, but first contact your local sheriff and ask if they will aceept this type of arrangement. my guess is not....but you never no...the worst they can say is no.
good luck
2007-07-27 16:57:51 · answer #5 · answered by Blue October 6 · 0⤊ 0⤋