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How do I pay for a home purchased at a foreclosure auction?

December 4th, 2012 Leave a comment Go to comments

In my county (Fulton County, Georgia), when a home is auctioned off for tax reasons, payment must be made within an hour of the auction close. The payment must be made in cash or certified funds. How would I pay for a home purchased as a bank foreclosure? Same? It seems difficult to show up with hundreds of thousands of dollars in cash.

You will need to get pre-approved with a hard money lender.
But you need one who will do "at the steps" funding. They can fund the same day of the auction.

Go to the local REIA to find a hard money lender.

  1. jimbobrown12
    December 4th, 2012 at 08:07 | #1

    You will need to get pre-approved with a hard money lender.
    But you need one who will do "at the steps" funding. They can fund the same day of the auction.

    Go to the local REIA to find a hard money lender.
    References :

  2. buyhawkeye.com
    December 4th, 2012 at 08:40 | #2

    I work in Cobb County, Georgia. It is the same for the whole state. You show up with certified funds the day of auction and pay for the property when you win the bid. Hint: Bring multiple checks for varied denominations.
    References :
    Real Estate Investor, http://buyhawkeye.com

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