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Foreclosure Auction Questions

The last post in this topic was posted 1189 days ago. 

 

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Looking to buy soon and I have preapproval. I've noticed there are some decent properties coming up next month to auction. I've done some research and know the general risks involved. I've also found out that a deposit of $5,000 and a lender preapproval letter is satisfactory for bidders to win the home.

 

 

If one were to purchase a foreclosure for say $140,000 that was appraised prior to the auction for $180,000, can the buyer typically request a loan amount of say $165,000 to make any unknown repairs that need made?

 

If it's a Sheriff's sale driven by unpaid taxes, and the owner is a bank, does the minimum bid amount typically include the amount the owning bank wants for the property? does it commonly include the past due taxes?

 

If 30 days is provided for receipt of remaining funds from the winning bidder, is it common for extensions to be granted should there be any delays in closing, or is the potential buyer typically SOL?

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i am not sure on the details of the auction however to answer your questions about the loan - you cannot typically get anymore than the purchase price when you finance

There are exceptions - google the fha 203k loan - I am not sure it would work with a 30 day timeline - these loans take longer as they require detailed bids on work to be completed etc -

 

In my state you cannot use financing for a foreclosure - it is a cash sale -

You may need to contact the local county office to inquire as they are the ones who know what their rules are -

 

Others may have similar experience but unless they are in your area I would still contact someone locallty to get the details -

 

Good Luck

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