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Buying Property at Auction

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bee posted on 7 Nov 2011 08:20 PM

How can I obtain financing for a home being auctioned on 11/18/11? Is a hard money loan a good idea? Can it even be arranged?

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Sorry for the delay in replying. I realize it's past the originally scheduled auction date, but I still wanted to provide an answer on this. Typically you won't be able to finance purchases at the public foreclosure auction. In many states, including California, the winning bidder at the auction is required to pay in cash (usually this is done with cashier's checks). If you don't have the cash yourself, the only option might be to have a group of friends and family pool money together to fund the auction purchase. Of course this can be risky so please do your homework before purchasing any property at the auction.

Here's more about buying at the public auction.

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