buying a foreclosure at auction

[Steve Mason]

The dilemma is, I have an opportunity to buy a foreclosure from a small Financial Company. Technically they have to hold an auction but they all but guarantee me no one else will show up (99% of the time they say). So I can get it for 50k. Putting about 12-15k in it, comps are in the 110-120k range. Problem for me is, they want a check on the day of Auction for the 50. I don't have that cash. I haven't yet approached my usual private lender yet. Has anyone done a deal like this? Thanks.