Getting financing to buy foreclosure for residence.

[Ryan Reeves]

I’m a total newbie here but this seems like a good place to learn and ask some questions. Here’s what I’m wondering about. 

I’m relocating to the North East of the San Francisco Bay Area for work. I’m in a great spot financially with my current home and I’d really like to leverage it to get into an even better financial situation with my next home. When my current home sells I should have between $160-185k on hand to buy my next home. I am wondering how difficult it might be to find the type of loan that would allow me to purchase a foreclosure at auction for cash. Ideally I’d love to purchase something that I can do some cosmetic work to and end up +100k in new equity. I’ve been watching some of the auction properties and I think I can get something that would work well for my family for between $350-400k. So with say $160k on hand how feasible is it to find a loan for an additional $190k which I can use for the purchase and then refinance the property into a traditional mortgage? It would be a rather fast turn around from loan origination to payoff probably less than 6 months.

Is this doable?