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. 

[Tchaka Owen]

@Steve Mason - they do have to go through the FC process. Check and see what the rules are in the county.....some require same day payment, some give you up to two weeks. The county's rules take precedence. The other part is the money; HML's often want to see titlework, etc. You might have to get a partner on this. Less profit, yes, but you'll get the deal. Good luck!