need cash
Public Auction of a Foreclosed Home- Do you need Cash?
I liked a house that was foreclosed & going to auction on saturday. How does that work? Do you need cash?? Or is there a way you can bid & then get a mortgage? Sounds dumb but seriously who has cash for a house? Thanks
this is in Puerto Rico (US territory). It said requires a $1,500 down payment. So maybe thats what you pay upfront then have a set time to pay the rest?
You pay the 1500 at the auction and have a few days (10-30) to come up with the rest. That generally means you have to have it as cash on hand already. Some auctions will require you provide proof of funds before bidding.
These sales are absolute, there are no contingencies, you do not get out of buying if you can not get a loan, etc. And believe me, they will be out for blood if you are playing games and do not pay up.
If you have never done this before hire a broker to go with you. You pay them around 2% of the sales price. Everything happens very quickly, within seconds, and you can easily loose out before you knwo what happened, or be taken to the cleaners before you know what hit you.
Rick Ross – Where my money (I need cash)