Auction.com 100% deals

[Drew Brock]

I am looking into a potential foreclosure property.  I looks like a great deal as long as the bidding does get to much higher than the starting bid.  I haven't heard anything too bad with Auction.com, mostly positive. My issue is the 100% of funds due after the auction is over.  Opening bid will be 50k, currently have about 12k of my own money available.  Before going to family asking for the rest, are there any other options I should be exploring?  This would be my first deal btw.

Some specifics on the property.  3BR 1.5Bath. Build in 1981 looks to be in great shape.  Last sold in 1999 for 81k.  Would bring at least $800 per month in rent. Looks to be vacant as well. 

[Evan Wiesner]

@Drew Brock I've purchased many a property from auction.com and no, they aren't too bad but the bidding will likely run way up over the opening bid in most cases. Even if there are no bidders auction.com will bid on their own to try and make you think someone else is bidding. Bottom line, they won't sell it for much less than the reserve their client has set no matter what, just as an FYI. (I've also sold properties through them so I have experience on both ends if you were wondering)

As for funding, usually those deals go through escrow and you won't have to send anything other than the earnest money until close, which is often 30-45 days. I would set up your funding ahead of time but you'll be able to get a loan, either hard money or traditional, in time to close assuming the property is financeable. 

Hope that helps. Good luck!