The bloggers in this panel are very right on their answer and as the stated many different type of actions but the most common (95) of the time, cashier check n hand. or yes, you can be per-approved and proof of assets BUT is up to the auctioneer's time frame for you to close the transaction (very risky due to unforeseen events and you can lose your initial deposit plus commission).
On the other hand actions are quick sales (sellers are not waiting or babysitting transactions).
I do home buyers seminars every month at Kinecta Federal CU and show the different options and loan programs as well our benefits and rebates (best in the industry **call me to proof it).
If you need guidance and per-approval good for ninety days:
BUYER BEWARE ... buying a home at an auction is a little more complicated than purchasing a home through a realtor!
I recommend that you find a realtor you can work with, and work together as a team. THEN you will have access to information that you don't have now. It doesn't cost you a thing to have an agent assist you. In fact, a knowledgeable realtor can save you so much money that you couldn't do yourself. Knowledge is king when it comes to auction...there is just NO SUBSTITUTE for it. Good luck!
It depends on the type of auction. If it's a seller of a single family home, they control the auction and will specify how they want payment. Any auction will have their rules stated. Investors will have cash. Ask your lender if you qualify for a non residential loan (Short Term) and then convert it to a mortagage.
Tax auctions are stated with the county tax assessor. Takes alot of homework.
Best Wishes to you,
Windem Real Estate
Cash is only required at the auctions that take place on the steps of the courthouse, not for Auction.com auctions. They are very different.
As Deborah mentioned you cannot get a loan to bid at the auctions, although there are several different things you can do if you have some cash. At the auctions you need to have certified checks ready to purchase, the competition is fierce.
Call/text/email me if you have any further questions. Oh and by the way it's hassle FREE information.
Good luck !
Unfortunately, no you can't. In order to bid at an auction you must have cash. I can, however, assist you in finding a home that you can pruchase with your financing. There are several options available including short sales. Contact me if you are interested.
Prudential CA. Realty