Hard Money to Buy Foreclosures

[Account Closed]

I am trying to figure out how to use hard money to buy a foreclosure at auction. I spoke with a lender here in Washington but they require you to also use their real estate agents. The agents charge 3% of sale or assessed value, whichever is more. I don’t see the value in using these agents - I am an agent myself. 

Another hard money lender I spoke with can’t do same day funding so they can’t help me at the auctions. 

How do people get financing from hard money lendera to buy at auction?

[Nghi Le]

I wouldn't recommend buying at the auctions in our state. These auction bidding groups underestimate rehab and overestimate ARV. Plus you have a lot of retail bidders or investors who include appreciation in their numbers, so you'll be outbid plenty of times.

I don't believe Vestus requires you to use their agents for the listback.  Only the 3% up front to acquire the property, which just pays for their service.  Eastside Funding, Veristone, Intrust, and Rain City are the only ones that I know of who funds at the auction, but there are more of them popping up...