Online Auction Process

[Daniel Kramer]

There is a duplex up for auction on auction.com, literally around the corner from my primary residence. I'm still pretty new and have never experienced an auction but I don't want to miss the opportunity.

It's cash-only, online auction which ends in a few days. I'm trying to do all my research, but also thought I'd ask around here.

How literal is "cash only?" I asked my local bank that does in-house portfolio loans of they could put something together that satisfies the transaction and they said, "it's fine as long as there is a purchase agreement, water is on, and we can get an appraiser in there. Money is wired by the bank at closing." Is this true? The idea of buying an auction and then not being able to follow through is intimidating.

Thanks!