Buying Houston Properties at Auction
Curious about buying homes at auction to renovate and resell.
Anyone willing to give me a run down on how this works?
Do you have to have the full amount ready to be paid if you are the highest bidder? Or do they just require a percentage down and the rest later? If later, at what point is the remainder due? Are you allowed inspections?
Is it possible to buy an auction property using hard money?
I ask because of course hard money lenders want to approve the property you are buying first, so if the full bid amount is due if you are highest bidder this would not work. But if you only have to put a portion down at winning bid, do you have enough time before the remained is due to get the property HML approved?
What is the difference in the homes being sold at the court house steps and the those being sold online through sites such as auction.com and Hubzu.com?
Thank You