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Updated over 6 years ago on . Most recent reply

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14
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6
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Alyssa Hammond
  • Timonium, MD
6
Votes |
14
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Buying an auction house in cash before having funding planned?

Alyssa Hammond
  • Timonium, MD
Posted

For the record, this is NOT my plan. I'm curious if anyone has ever bought a house at auction (in cash) just because its such a good deal? And then figured out the hard money lending for renovations after? 

I'm new to this so please forgive me if this is a newbie question 

Most Popular Reply

User Stats

351
Posts
273
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Matt Shields
  • Broker
  • Phoenix, AZ
273
Votes |
351
Posts
Matt Shields
  • Broker
  • Phoenix, AZ
Replied

I have my hard money lender(s) lined up before the auction. After a successful bid, I call him with the details and he emails me the loan docs. The next day I have the docs notarized and arrange title/property insurance, then we meet and exchange loan docs/insurance/checks and pay for the auction. In Arizona, we have to pay for an auction (trustee) the next business day. A hard money lender who works with auctions should be able to get you funded very quickly if you have set things up with them beforehand. 

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