Buying Foreclosure, Need Line Of Credit?
If buying a foreclosure, how do other feel on the best way? Before or at auction? If you buy at auction do you need a line of credit? The bank I have used loans no problem on the deals I've done, but I haven't purchased a foreclosure and I know I might, or most likely, will not be able to enter the house so the bank won't get an apprasail. In my county 10% is due at auction, and the remaing balance within 10days in order to get confirmation. I would prefer, I think, to buy at auction however I can't seem to process how to do it unless I have a line of credit. Thought?
You have a couple options:
a) find an investor willing to loan you the money for either interest or partnership in the project
b) find a hard money lender (do a web search for hard money lenders and check out a few
Good luck,
Q