How do I pay for a home purchased at a foreclosure auction?
Posted by admin on 9 Mar 2008 5:21 am. Filed under Renting & Real Estate.
fildawg asked:
In my county (Fulton County, Georgia), when a home is auctioned off for tax reasons, payment must be made within an hour of the auction close. The payment must be made in cash or certified funds. How would I pay for a home purchased as a bank foreclosure? Same? It seems difficult to show up with hundreds of thousands of dollars in cash.
In my county (Fulton County, Georgia), when a home is auctioned off for tax reasons, payment must be made within an hour of the auction close. The payment must be made in cash or certified funds. How would I pay for a home purchased as a bank foreclosure? Same? It seems difficult to show up with hundreds of thousands of dollars in cash.
On March 9th, 2008 at 6:28 am
You will need to get pre-approved with a hard money lender.
But you need one who will do “at the steps” funding. They can fund the same day of the auction.
Go to the local REIA to find a hard money lender.
On March 11th, 2008 at 8:29 pm
I work in Cobb County, Georgia. It is the same for the whole state. You show up with certified funds the day of auction and pay for the property when you win the bid. Hint: Bring multiple checks for varied denominations.