When buying a house at an auction how do you come up with the $$ within the 24 hours they allow?
Houses for sale at a forclosure auction, they ask for down payment immediately, the remaining with 24 hours. Where do youget the funds for that immediately?
The details are as follows: 10% of successful bid immediately at conclusion of auction, balance by noon the next business day, both by cashier’s check. Assuming I have the down payment, how do I secure the rest of the funds before the auction starts? Not enough in home equity so forget that. Any thoughts?
When you are purchasing a property through the foreclosure auction, the person conducting the auction has to verify the funds prior to the auction.
At the auction you must have cash or a cashier check and that’s the bottom line. There is no down payment, You have to have the full bid price in order to be successful at the foreclosure auction.
There is no 24 hour period in order to get or secure the funds. If you don’t have the funds at the auction you can not bid or be allowed to bid on a property.
I hope this has been of some use to you, good luck.
"FIGHT ON"
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