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Do you need all cash to bid at a real estate auction, or can you have financing?

  • July 27 2014 - Aurora
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Answers (4)

No you do not in most cases.  you have to be ready to bring whatever the bid amount is in certified funds plus the amount as premium (in most cases) if you're the winning bid.  Now, the hardest part is if you have financing then they have to be ready to wire the amount in 5 days or so. this is all predicated if the home is financeable as some are not, in which case, it might be all cash. 
  • August 01 2014
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I agree with Vince, auctions are tricky and they are not easy but don't be intimidated.  I bought a home at a trustee sale years ago.  I asked several questions and did my research all in a short period of time.  The best friends you can make as a Real Estate investor are the employees at the trustees office.  They are a wealth of information if you get on their good side they are eager to help.   Good luck and don't be intimidated, everyone has a first time.

  • August 01 2014
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Typically trustee sale acuation do require a cashiers check.  In Arapahoe County they require $1 over the asking bid.  If the property goes higher you typically have that day to get the remaining funds in certified funds.  Be aware trustee sales you can not get into the home and typically you only have a couple of days to do your due deligience on the property such as an O & E to make sure title is not bad. 
  • July 30 2014
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All cash. Auctions are not for novices, dont do it if you dont know what you are doing.............
  • July 27 2014
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