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Is the full cash amount needed at auction, or can some of the funding be a preapproved mortgage?

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November 01 2012 - US
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Tim is right there are 2 different types of "auctions"  One is on the "courthouse steps"  you need cash by end of business on that day and financing is not possible.  In Florida, the majority of these sales are going back to the bank without any investor purchases and they must be in Cash.  On the other hand there is the other type of "auction" where the bank has assigned an auction company in lieu of an Asset Manager to dispose of the property, referred to in the industry as "ballroom auctions" "On-line Auctions also, you can have financing on these properties and often there is a mortgage company on site to qualify you and provide the financing. And then there is the 10% premium buyers fee that is added to the top of the auction price.
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November 01 2012
It depends what type of auction it is you are talking about. If it is a foreclosure auction, aka trustee sale or sheriff's sale then it will have to be cash. No loans. If it is a private auction arranged by the seller then you need to read the rules. Often a 10% down and closing in 20 days is common. You also have to add the commission to the bid amount which is often 10% above the winning price. Just be sure to read the rules.

Tim
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November 01 2012
 
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