Buying foreclosures with equity

[Eric Mcginn]

I always read that you need cash to buy foreclosures. Could a commercial loan be made to work with sites like auction.com and with municipalities or banks’ auctions ?

[Anson Young]

Eric,

You dont need cash all of the time, thats just not true. You could use private money, hard money, line of credit, or some commercial loans. With live auctions, like the foreclosure sale, you will need FAST cash, same day. So that would be your own cash, private money with the right lender, line of credit, etc. If you are buying from auction.com you are basically buying an REO like you would from the MLS, so can use many more financing options, typically.

Hope this helps!