Foreclosure auctions as you may know are hard to purchase for most beginning investors. In addition to all the due diligence that should be done on the property we need to find a financer that can close within a very short timeline. Some states require payment from an auction either at the auction, 24 hours later or a week or longer.
The fact is conventional financing cannot handle this kind of speed.
Our coaching group spoke with a gentleman yesterday that has a private lender specifically finances foreclosure auctions as long as the borrower is looking to get longer term financing.
I have hard money lenders and private lenders that will finance as fast as 24 hours or less if the deal looks good.
Once I do a quick finance of the properties with cash I may look to do a refinance into a conventional loan. This type of refinance is called no season refinancing.
If I have a buyer already I can sell the property quickly without ever needing to refinance.
Whatever I do, as I have shared, there is financing available to those that look for it. If I had interest in quick financing for auctions I would let everyone know. By focusing on this financing style you can find the financing you are looking for.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125