Posted by Christine616 on June 08, 2003 at 24:19:47:
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How to Buy Auction Property? - Posted by Christine616
Posted by Christine616 on June 06, 2003 at 13:02:15:
There is a home being auctioned in a few days that I would really like to get, but I dont know how. The auction bid is about 55K, and it would sell for 100K-110K. I have reason to believe that there isnt much competition in this county.
Whats the best thing for me to do? I dont know how to get the financing for the auction. After the auction maybe? There is a 6 month redemption pieriod. I am currently running a title check. I only have about 5K to work with.
Doesnt it get listed with a realtor after auction? And the price will go up? I have bought 2 of Bill Bronchick’s books and read and read posts and articles on this site (for the past 3 months), but still dont know what to do.
Any thoughts/suggestions are appreciated. Thanks
Christine616
Re: How to Buy Auction Property? - Posted by Arthur
Posted by Arthur on June 07, 2003 at 23:31:02:
It will depend on the state. Some states require payment by the following day, with a 10% deposit paid on the spot.
The reason there isn’t much competition in places is because you need to have the cash or funding in place before the auction…something alot of people don’t have.
What you may have to do is find a partner who has the cash, and offer the deal to them for a cut. Don’t expect too much on your first deal…a few k is better than nothing.
What state you in?