Financing For Cash Auctions

[Andraise Scott]

Hello BP,  I'm interested in a property that's coming up on an auction on the courthouse steps.  The auction requires a $25k deposit and the rest in cash within 10 days.  I'm interested in this as a hold property.  And, worse case scenario I could move into it myself and rent out my current home which I'm planning to do anyway.

(Here's where I'm a bit gray on this, and other, auction purchases):  I have the money for the deposit.  But, I don't have the rest of the funds to complete a quick cash purchase of unknown numbers until the auction ends.  The properties that I consider in these auctions are rent ready, or close to it, and finance-able which of course is ultimately where I want them to end up....perhaps even with some cash out to get my deposit back to put in play for the next acquisition.

Is hard money the only answer here?  If I just need cash for a cash purchase for 30 days  or so until the bank funding is settled, where can I get that and at what typical terms?  And, can someone please give me an idea of the steps I would need to take to complete such a scenario?  @Ned Carey I think you've had some experience here.  I would really appreciate your input.  Thx in advance BP!