Financing For Sheriffs Sale
I want to buy a property at an upcoming auction. I have the necessary deposit the day of auction but who does financing work? Does it work just like a conventional sale where I get approved by a bank?
Thanks,
KP
Usually, if not always, the county wants the whole amount immediately. There is no time to get financing. I would recommend finding someone who has cash or a line of credit and get them to pay with you or for you. Split the deal. You will make a friend some cash, and you will have another deal under your belt. If there is plenty of money to be made on the deal, half of that amount should not be bad.
In most counties I know of in Ohio you have 30 days. 10% is due day of auction, the rest within 30 days. I know I can get financed through a bank, just didnt know how it would work. Do I close with a bank and just get the $ put into my account and then turn this money over to the sheriff when the deed is ready (in the 30 days)?
sounds like there would be an escrow/attorney transaction btwn your bank and the sheriff.
You give them the winning bid amount less 10%, they give you the deed. Then the bank will want title insurance.