Loaning Money for Auction property

[Vijay G.]

Hello, 

I just won the bid on auction property. My bid price was 120-130k less than the market price. I am planning to acquire the property and clean it up and put it on the market. it may take 3-6 months.  I need to close the deal within 60 days with auction bank. 

Any ideas on how to get loan to close this deal. would you guys recommend private money lending or any other options to finance auction properties. please advise

Thanks 

[Ned Carey]

@Vijay G. I recommend having a clear idea of how you are going to finance an auction property before you bid. It can be tough to get an appraisal if you don't have access to the property which you likely do not have with an auction. It is a very risky thing to do and you can lose your earnest money deposit or even more depending on the auction terms. I know it is to late for you but maybe someone reading along can learn from this. 

Now for loan options I would say a private lender or a hard money lender would be best. God luck.