I heard you have to have cash when bidding on foreclosures on the courthouse steps. How do you get prequalified and have the money to deliver within 24 hours? Thanks for the help.
uhh…you have CASH. You know, the green stuff? Ok, maybe a cashiers check. (Here, they take a personal check at the auction, and you have 24 hours to replace it)
Point is, you’ll never be able to get financing on a courthouse auction property. Lenders want mortgages and deeds and other legal stuff that goes through closing, etc.
Now, you may be able to get cash on a LOC or some other equity, convert it to cash, and have cash at the steps.
Exactly…CASH
In FL, you must have the bid amount the same day by 5 pm.
Howdy Jtmoniii:
I used a hard money lender once that would come to the sale and bid on the property for me and then resell to me within a few days. They wanted a grand just to show up and have the $30K that I needed. I also had to have the property appraised by their appraiser before the sale. I never found a deal where I was willing to spend the money upfront for the chance of winning the bid.