Auction Finance Options - Posted by Scott

import · June 21, 2003, 9:06pm

Posted by scottese on June 22, 2003 at 19:12:39:

nt

import · June 21, 2003, 9:06pm

Posted by Scott on June 21, 2003 at 21:06:57:

I am considering purchasing my next rehab from an auction. What are my options for obtaining funding for these deals?

I can use my own money, but for some reason, that never seems like the best option. In DE, 10% is due on auction date, and balance in about 3 weeks. Of course these homes are sight unseen (at least inside) and anything more than a driveby appraisal would be impossible.

Do I work with HMLs in advance of the sale and get an amount they would lend me in advance? Any other type of lending out there for this?

Thanks in advance guys!

BTW…I have not yet purchased from the auctions, but I have been going for close to a year, and I am very comfortable with the process (foreclosures, not the tax sales) I have taken Mr. Starr’s advice and not purchased there as a newbie. I’ve gotten some notches on the belt now and I am ready to expand operations.