Financial Information
As auction (real estate) by working owners? I have to pay cash or can I do to conventional finance?
The property is located in Orange County, California. It is blocked after goto room? How does it work?
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#2 written by Miss Emily 10 months ago
a “by owner” auction is different than one held at say, the courthouse in Santa Ana.
By owner you should be able to go for Conventional financing. Be aware however, if this is going to be a heavily marketed auction there WILL be cash buyers present & that will be your competition, unfortunately you probably won’t know at the the auction who those people are.
You found out about the auction, there should be a contact person you can talk to about financing considered.
An escrow acct. & traditional escrow will be set up whether the buyer has all cash or not. There are other documents & things that need to be signed , plus title reports to be pulled,, & even though this is probably as As-Is sale, there will probably be some sort of inspection period as well.
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You will need money to buy an auction property.
I would suggest getting a private/hard money loan. They don’t require credit and there are no pre-payment penalties if you are flipping.
You can get hard money in less than 5 days with no credit here:
http://dipurl.com/PrivateFundingNow