Can I buy a property at auction? Alli Parkinson
Auction properties are tricky. We need to be able to complete property evaluations of the property prior to being able to know for sure if we can move forward on a loan. We can lend on properties that are leading up to auction, or if a property has been taken back by the bank, but the nature of auctions is that they will often require the funds within 24-48 hours of the auction, and we're not able to complete evaluations that quickly, so we're frequently not able to lend on properties being purchased at auction. If there will be sufficient time to complete evaluations, we potentially can lend on the property, depending on how the numbers fit together!
Check out our YouTube videos: How Do House Auctions Work, Fees You Have to Pay When Buying an Auction House, Do I Need Cash To Buy a House at Auction, What is a Buyers Premium in a Real Estate Auction?
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