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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] How do I come up with cash when bidding at a foreclosure auction Posted by christian anderson on August 21, 2003 at 11:05 AM I have a house that I am interested in. The first is owed $128k and the second about $40K. The house was listed with an agent at $135k. I offered $136k so the second would go away. The second turned down the offer and the house is to be auctioned off in 2 weeks. The auction requires $5000 earnest money with the balance due in 24 hours. (If the house is not sold then it will turned over to HUD since the first mortgage is an FHA loan.) How do I come up with the cash without having to pay an appraisal up front on the property when I might not even get it? Is there a way to get private investor money for a up to a week so tht if I win the house I can refinance and pay off the investor - without paying 2 or 3 points? In addition I had been advised to wait for the acution to take place and if not sold and it goes back to the bank, to then negotiate with the bank. Is that possible if they have to turn it over to HUD? Please help Follow Ups: Now's the time to bug your family and friends... Ward-CA- 10:52 PM, 08/21/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have a house that I am interested in. The first is owed $128k and the second about $40K. The house was listed with an agent at $135k. I offered $136k so the second would go away. The second turned down the offer and the house is to be auctioned off in 2 weeks. The auction requires $5000 earnest money with the balance due in 24 hours. (If the house is not sold then it will turned over to HUD since the first mortgage is an FHA loan.) : How do I come up with the cash without having to pay an appraisal up front on the property when I might not even get it? : Is there a way to get private investor money for a up to a week so tht if I win the house I can refinance and pay off the investor - without paying 2 or 3 points? : In addition I had been advised to wait for the acution to take place and if not sold and it goes back to the bank, to then negotiate with the bank. Is that possible if they have to turn it over to HUD? : Please help Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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