Dealing with Auction home on Hudson & Marshall

[Karen King]

So I just won a house on Hudson and Marshall auction. The price was 206.500. The bank countered 207.600 I accepted. I am using hard money and got approved for rehab 30k plus cost of auction so im all in at 237,600. The ARV is 319k. Problem is the auction company is saying that I cant use hard money. Cash only. Isn't hard money a cash transaction? I'm totally confused and have until tomorrow morning to come up with an additional 157,600 as I have 50k in the bank from my first deal. Anyone with more experience have this happen to them? If so how did you get around it.

Thanks Karen, Portland Oregon

[Anthony Andrew Young]

Did this end up working out for you?

 If you think that you might be in this situation again, it might help to look for a lender who can actually pay cash at the auctions on your behalf. I work with a Hard Money Lender who will bring cash to the auctions and buy the properties for me. After the auction is finished, I go into their office to sign paperwork and a week or two later, I have my hard money loan on the property.