Auctions-Is There A Way Out?

My partner and I are interested in a property going to the courthouse steps this Tuesday. We have to come up with 5% down. Assuming we are the high bidder, we will have to get financing for the remainding balance. Is there a way out of the auction once you are in that far? What if we are not approved for financing? And being that we cannot see inside the house, and we find it is more work than we thought--is there any way out? Any information will be greatly appreciated. Thank you.

Comments(9)

  • chrisnange200328th September, 2005

    Thank you for the info. We did not get the house at auction but, it was a definite learning experience and I appreciate the advice. Oddly enough, my post was not supposed to be here. This was a residential auction. My post was supposed to be in the residential forum. I apologize.

  • kevinblue23rd September, 2005

    I doubt any title co. in Chicago will do a double closing. Most will want the end lender to know about the previous closing (may be a deal killer). Your best bet may be to set it all up throug an attorney, because a title co. will be less lickley to ask them questions.

  • InActive_Account23rd September, 2005

    Thanks for the advice. I am meeting with an attorney next week to go over some things. I will bring it up then.

    Jack

  • kevinblue27th September, 2005

    jack,

    I am also looking for a good real estate lawyer. Please let me know how your meeting goes. My e-mail is **Please See My Profile**

    thanks

    kevin

  • InActive_Account27th September, 2005

    Yeah that seems like it is definetely the case. I am going to approach things a little different and let the lawyer know that I plan on doing 1-3 deals a month. Maybe then they will be interested in my business.

    Jack

  • commercialking29th September, 2005

    I do double closings all the time through both Chicago Title and Stewart title.

  • commercialking29th September, 2005

    I might also recomend that you come to the Chicago Real estate meetup group. There are lots of people there who will be glad to recommend attorneys, etc.

  • InActive_Account29th September, 2005

    commercialking,

    Thanks for the replies. I have been in need of a title company. Where does the Chicago Real estate meetup group meet and when?

    Jack

  • InActive_Account29th September, 2005

    commercialking,

    One more thing. Do you use the title companies directly or do you go through an attorney? Thanks for your time.

    Jack

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