Posted by Dan Stra on November 28, 2000 at 13:53:10:
If it makes you feel nervous I suggest that you go to the auction to learn but not to bid.
You should check with the USRDA and ask your question of them. My experience with gov’t auctions is that if you have a reasonable reason for not getting the financing they will refund the deposit.
One final piece of advice, one reason your asking the question is that your not preapproved or prequalified for a morgage. This is something that you should do so that you can go to these auctions feeling much more comfortable.