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"how to" get funding to buy at auction?

i have good credit and very little cash. 
  • April 26 - Post Falls
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Answers (1)

I think your question is about how to compete with other investors who arrive at auctions with cash and don't need to secure financing when bidding.

If you own your current home and want to use available equity, a HELOC (Home equity line of credit) is a great option. I've helped several clients accomplish this. Then, after the auction is over, I help them secure traditional financing and they can pay back their HELOC and hunt for the next property.

If you don't own a home currently and are looking to compete with the cash investors at an auction, you may have a difficult time with out the cash on hand - most traditional lenders will not be able to get you the financing in this scenario.

I've worked with a few non-traditional lenders who analyze an applicant's cash flow, credit, and for a fee provide short-term financing at slightly higher than market rates. After the auction is over, I could help you secure traditional financing at regular rates to pay back the non-traditional lender.

Hope this helps!
  • April 27
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