Owner Occupant Auction.com

[Ellie Blanchard]

Hello All!

My husband and I are trying to get into the real estate game in SoCal. We want to do live-in flips (more likely rent than flip). There’s a home listed on auction.com starting bid at 200k projected resale would be around 585k based on the comps. It’s open to owner occupants for the next 12 days and we’d love to make an offer but they’re only accepting cash, which we don’t have in that sum. Here are my questions:

1) If i found a lender can I feasible repay them with an FHA loan? We're pre-approved through our credit union.

2) Is there a way to get around the cash only offers? The listing agent said we can’t go through a lender due to the property being occupied and being sold site unseen.

3) What formulas do you use for making a offer on a deal of this nature? I have no way of determining my competition as an owner occupant. At auction I’m sure it would sell for at least 450k.

Any advice is appreciated! I’m trying to learn as much as I possibly can.