I am interested in bid a property in the auction at the court house steps. However, they require a full payment within 24hours after winning the bid. My question is how can I get bank loans within that time frame? Any suggestion is appreciated.

You can't.

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Brea CA Real Estate, Brea Homes For Sale
Brea Real Estate, Brea Homes For Sale
Brea Real Estate, Fullerton Homes For Sale

While you can not obtain a specific loan for an auction, you can...

Get a personal/equity loan or some other loan that will give you cash on hand.

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Jessie: Panama City Beach Real Estate, Panama City Real Estate and Panama City Beach Condos

Also, Keep in mind that auction properties are many times sold As Is and while many people assume that means the structure of the house, this also applies to the title. You will be buying the house as it is, will all encumbrances, liens and monies owed against it.

Unless the auction Specifically and Clearly states otherwise. You must do EXTREME DILIGENCE with these properties. YOU must check and recheck every detail, cloud or encumbrance on the title, deed and taxes.

The best way to have success at auctions is to attend a number of them WITHOUT buying anything first. Whats and see who attends them, who bids and who wins. Not all auctions are on the level. In fact, I'd say except for Tax Sale Auctions, most will not be. There is always a few people in the room that are there for the sole purpose of bidding up the price with no intention on buying the property.

As stated above, you need to have your funds lined up in advance. You must have a executed Home Equity Loan or Re Finance with the money sitting in your account ready to go or you needs the cash or means to cash in securities, investments and bonds.

Auctions, though interesting and possibly fun, are not for the faint of heart.

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Larry Jensen, Principal Broker
St. Lawrence Properties, llc
www.StLawrenceProperties.net

What's My Mileage?

I agree with Larry. Use "EXTREME DILIGENCE" and go to a few auctions before you start bidding. Get a feel for how prices start and end at auctions. Most of the time you need cash in hand, but in Deschutes County (Oregon) they'll actually finance some of the auction properties for 10 years w/ 20% down.

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Dylan Darling
Search for Bend Oregon real estate and all Central Oregon homes for sale. Bend OR homes for sale.