Are you contemplating buying at the city hall steps, or through an auction company? Be careful because you do need to know if it has clear title to the property. You also don't want to buy a 2nd on the property because you could end up holding an empty bag. City Hall requires cash. You may also be able to get a hard money loan through an investor but it has high fees and interest associated with these type of loans. If you have any questions feel free to call us. Bart & Tracey Tipton http://www.mymajesticproperties.com
My company is the listing broker for all of the HUD owned foreclosures in Kern County. We submit bids for Buyers on these properties. All traditional financing is available for these homes. Call me if you have any questions about these homes or the bid process.
In my experence in NY, you could get a mortgage.
When u win the bid, you pay 10% there it self & you got 30 Days to come up with the rest.
Always talk to your attorney and do intensive market research as the auction properties come as-is.
There are other options besides cash but you don't want to make any decision without a Realtor to be at your side. You can buy a foreclosure home with bank financing with the help of a Realtor. Try Valerie Moses at 661-619-0239 She is great with buyers.