finance options @ foreclosure auction - Posted by warrendar

import · September 19, 2004, 9:44pm

Posted by rdla on September 22, 2004 at 12:13:24:

HEloC, friends and relatives cash and heloc or group of investor in similar thinking and investment temperament as yours. Bridge loan from friends and relatives or investors. Your reputation and REI background will be important and you should be able to convince these group that your plan is safe and very profitable. Show some realistic scenarios. Show them attractive return of investment.
rdl

import · September 19, 2004, 9:44pm

Posted by warrendar on September 19, 2004 at 21:44:09:

finance options @ foreclosure auction

I’d like to bid for some properties in my county’s monthly foreclosure auction. The problem is upfront cash because I don’t have 100K-150K (my expected bid range) to handle the required full-payment within 1 hour of the winning bid since I planned to finance it with conventional financing. Here are assumptions:

I can easily get convention financing for up to 300K. In fact, I can even get a a conventional construction-type of loan with no problem at 20% down.
Pre-foreclosure is limited by competition and may not have time (21-day notice-to-auction state) to work with lien holders and other legal matter…

Question: Is short-term (< 6 month repayment) hard money lenders are my only options? If not, what are the other choices?