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Barrister
Barrister, Attorney
Category: General
Satisfied Customers: 23533
Experience:  14 years practicing attorney, Realtor, 24+ years landlord
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if a property is foreclosed and goes to auction is the only

Resolved Question:

if a property is foreclosed and goes to auction is the only way to purchase with cash?
Submitted: 11 months ago.
Category: General
Expert:  Barrister replied 11 months ago.
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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if a property is foreclosed and goes to auction is the only way to purchase with cash?

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Not necessarily. Typically when a foreclosure sale is held, the terms are that the buyer either has to pay that day or can put down a nonrefundable deposit of 10% of the purchase price with the sheriff or agency conducting the sale with the balance due in 30 days. As a condition of allowing the deposit the buyer usually has to provide an unconditional commitment letter from a lender guaranteeing to make a loan to the buyer for up to a certain amount. Then if the loan doesn't close within 30 days, the buyer loses their deposit and the property is then resold.
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But to know for sure if this holds consistent with any particular sale, the potential buyer would have to confirm the sale terms with the agency conducting the sale.
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As an aside, I have purchased probably a dozen foreclosures and these were always the stated terms of the sale.
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Thanks
Barrister
.
Barrister, Attorney
Category: General
Satisfied Customers: 23533
Experience: 14 years practicing attorney, Realtor, 24+ years landlord
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