Auction Foreclosure with Basement MIL Unit

[Brooke Singler]

Hello!

I've been living in WA State for a year and have been learning my local market (I live about 45 min northwest of Tacoma on the Kitsap peninsula) while saving to buy my first property.

The high home prices and high interest rates are making it challenging to find good deals. I recently found a property on Zillow that looks to be in good condition (built 1940s) and has a finished basement that could be rented out as a Mother-In-Law unit (separate entrance, kitchen, and bathroom) while my partner and I live upstairs. The listing is above my budget, but it is being sold via Auction since it is a foreclosure. I am hopeful I could under bid and get it at a good deal.

I would like to put an offer in, but I don't have enough cash to pay the full amount at auction. What would be the best way to finance this deal as someone who has never purchased any real estate before?

I plan to tour the home this week. Other than the auction and financing process another main concern is whether or not I'll be able to get an inspection done. Does anyone have experience getting home inspections done with properties for sale via auction?
Thank you,

Brooke

[Brooke Singler]

Quote from @Account Closed:

Quote from @Brooke Singler:

Hello!

I've been living in WA State for a year and have been learning my local market (I live about 45 min northwest of Tacoma on the Kitsap peninsula) while saving to buy my first property.

The high home prices and high interest rates are making it challenging to find good deals. I recently found a property on Zillow that looks to be in good condition (built 1940s) and has a finished basement that could be rented out as a Mother-In-Law unit (separate entrance, kitchen, and bathroom) while my partner and I live upstairs. The listing is above my budget, but it is being sold via Auction since it is a foreclosure. I am hopeful I could under bid and get it at a good deal.

I would like to put an offer in, but I don't have enough cash to pay the full amount at auction. What would be the best way to finance this deal as someone who has never purchased any real estate before?

I plan to tour the home this week. Other than the auction and financing process another main concern is whether or not I'll be able to get an inspection done. Does anyone have experience getting home inspections done with properties for sale via auction?
Thank you,

Brooke

Who is offering to take you on a tour of the property? It it's a foreclosure, It would have to be the owner or a real estate agent. If it's an agent, they can also arrange an inspection. 

 It turns out it is not a foreclosure. It is owned by a company who is selling via bidonhomes.com. I toured with a real estate agent.

Thanks!