How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: General
Satisfied Customers: 35374
Experience:  16 years practicing attorney, Realtor, 26 years landlord
19958803
Type Your Question Here...
Barrister is online now
A new question is answered every 9 seconds

if a property is foreclosed and goes to auction is the only

This answer was rated:

if a property is foreclosed and goes to auction is the only way to purchase with cash?
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.
.

if a property is foreclosed and goes to auction is the only way to purchase with cash?

.
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.
.
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.
.
As an aside, I have purchased probably a dozen foreclosures and these were always the stated terms of the sale.
.
.
Thanks
Barrister
.
Barrister and 14 other General Specialists are ready to help you