Home Buying in Santa Ana>Question Details

  Debbie Wray, Home Owner in Santa Ana, CA

do you have to have all cash at the time of the auction?

Asked by Debbie Wray, Santa Ana, CA Fri Feb 7, 2014

Help the community by answering this question:


In California, you must have cash or certified funds. NO auction allows any financing of any kind in a foreclosure auction. You have to show proof of your funds prior to the sale.
0 votes Thank Flag Link Fri Apr 25, 2014
I agree with you completely. Even if you do not have all the cash at the time of the auction you will have to produce valid documents as a proof of your possession of the money. If this condition is not fulfilled, you will not be entitled to go ahead with the sale of the property. Hope it helps the dwray1211 get his answer to the query.
Flag Thu Aug 28, 2014
At Trustee sales, yes.

There are some auctions that allow financing, they even have folks on hand that can assist you with fin but the rates are quit high as these deals are geared toward investors.

If you are new to the auction game, I suggest you attend a few and see exactly how things go before jumping in.

Much Success to You!

Kawain Payne, Realtor/Notary
0 votes Thank Flag Link Mon Mar 24, 2014
It depends on auction.

Some just want deposit and per-approval letter, some want all cash.

it is always marked at the listing.
0 votes Thank Flag Link Mon Feb 10, 2014
Yes. In fact they will want proof of the cash even before they let you participate in the auction.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Sun Feb 9, 2014
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