Posted by Nate on February 27, 2001 at 08:21:55:
Not to burst your bubble, but it is highly, highly unlikely you could find anyone to lend you large amounts of money to go bid at an auction, particularly if you are not already an experienced auction investor. You also cannot get a loan against a property you don’t own, nor against an unidentified property, so that is not a possibility either.
Sorry to say, but at the tax auctions, “money talks”.
NT
Coming up with cash for an auction - Posted by Hayes Freeman
Posted by Hayes Freeman on February 26, 2001 at 23:12:20:
I will be attending a tax auction in March, where the payment must be made on the day of the auction, in either cash or a cashiers check. I have some money, but probably not enough to purchase the properties I would like. Any ideas as how to borrow a large amount of cash for an auction. I was thinking I could take out a mortgage on the property once I own it, to repay the loan. Can I get a mortgage on an auction property ahead of time?
Any ideas will help