NEW MEMBER =HI EVERYONE Last month an auction for owners who’s about to foreclosed was held at the court house. I thought this was great until I was told you had to have Cash lol. I don’t understand how some small time investors like me get that kind of money to pay cash for those houses. I can get a mortgage loan to buy those houses, but how can I get those houses b4 they get to the court house. If I talk to the owner can I take over the loan or is there a way I can get quick cash to buy……please help I NEED CASH
Yep, courthouse step bidding takes cash. Just imagine how much cash is standing there I bid regularly with a woman who brags about holding $500,000 (silly woman).
I, personally, use the equity line on my house. And, I put it back immediately if I don’t get what I want. Bidding on the court steps takes serious discipline.
What concerns me most about your post is that you didn’t know a bid on the steps takes cash. To me this means, what else don’t you know? Step back and do your research, learn the process, including the pitfalls – when you buy on the steps you need to know everything about the property. This includes which liens will not fall from the property that you are liable or if you are bidding on a first, second, third, etc. note. If you pick up a second, it’s subject to the first – etc. Tax liens always stay with the property, etc.
If you need to get a mortgage to purchase, then you should be looking at bankowned, including VA and HUD. My first house was a VA and I made a great deal.
Good luck to you!