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Updated over 1 year ago on . Most recent reply

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Connor Feist
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Lenders for Auction Flipping

Connor Feist
Posted

Hi all,

I'm planning on participating in an auction process in about a month on a condo property in Florida. I was wondering if anyone in this community had recommendations on short term lenders that I could tap for acquisition capital (likely between 60-80% LTV). If I can win the deal at an attractive price I would expect my hold period to be 2-3 months (minimal rehab needed based on preliminary pictures).

Does anyone know what market rates are for short term (less than 1 year) loans around $300-400k today?

Additionally, if anyone here has experience with purchasing residential real estate via auction processes - please let me know of your experiences. I'm planning to walk the property with an agent, appraiser and general contractor ahead of participating in the auction. Seems like the seller (gov't) won't be paying any buyers agent or closing costs other than providing a clear title. I'd like to negotiate with my realtor a lower fee on the buyside if I guarantee them a 3% fee on the sell side - is this off base for any reason? 

Any thoughts or experiences would be very helpful!

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

@Connor Feist It sounds like you're talking about an REO auction as opposed to the actual foreclosure auction?

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