Posted by Natalie-VA on July 19, 2007 at 14:13:27:
If you shop around, you should be able to get it closed within 10 days. It’s a risky proposition, but if you’re using a lender with internal, local underwriting, it can happen. Is the property occupied? You will need to be able to get your termite inspector and appraiser inside to satisfy your lender.
–Natalie
Hard money for foreclosure auction? - Posted by Nate-VA
Posted by Nate-VA on July 18, 2007 at 05:25:27:
Is it possible to get hard money to buy a home at a foreclosure auction? Or will HML’s only loan with a signed contract?
Thanks,
nate
Re: Hard money for foreclosure auction? - Posted by JT-IN
Posted by JT-IN on July 19, 2007 at 12:07:22:
Nate:
Doubtful that you will find a HML to advance funds for purchase of property at foreclosure auction. Reason being is you do not have title for the property to convey a mtg or deed of trust against. Hence, the HML is not a secured lender.
It would take a very lax HML to advance funds on the basis that they were going to receive a future mtg or d of tr. This just doesn’t happen in the real world.
JT-IN
Re: Hard money for foreclosure auction? - Posted by Nate-VA
Posted by Nate-VA on July 18, 2007 at 08:47:53:
Thanks. I guess I will just try to find a local hml and see what they say.
Re: Hard money for foreclosure auction? - Posted by Brad-Pa
Posted by Brad-Pa on July 18, 2007 at 08:10:04:
I asked a few different HML’s this very question and the answer was mostly the same. If you can’t get in to get and appraisal/inspection, no deal. There was one who might have been willing to do it and not ask why they had to go in through a window, if you get where I’m comming from. (Please note, not recommending the latter)
Re: Hard money for foreclosure auction? - Posted by ChicagoMikeW
Posted by ChicagoMikeW on July 18, 2007 at 08:03:23:
depends on the HML, they may have different term for such thins, Find local HML and ask them direct is your best action.
Re: Hard money for foreclosure auction? - Posted by Nate-VA
Posted by Nate-VA on July 19, 2007 at 12:30:07:
My thought process was that I could come up with the money for the downpayment at the auction, 10% is required. Then I just need the hard money because I have to close in 10 days. It is a nice home in a upscale neighborhood that needs zero work. I wouldn’t have a problem getting traditional financing other than the fact that they can’t close in 10 days. I don’t have a problem qualifying for the money, I just need to find a way to get it in 10 days.