How can I buy an Auction Property with Traditional Financing?

[Ernesto Cisneros]

Hello BP nation! I am a total newbie looking to buy my first property. I am seeing what might be really good deals on Auction.com, but if I was to place a winning bid, how do I pay for the property?

Unfortunately I do not have enough cash to buy the property, is there a way to pay for these with traditional mortgages? Could I do a 203K loan on one of these properties? I would like to stay away from hard money for my first deal. (mostly because I am afraid  of the rates) 

[Andrew Kerr]

Hi @Ernesto Cisneros - generally not as most auction sales want $5-10k cash to hold your bid. Then you generally need cash close very quickly.