Sherrif Sale Question

[krobin02]

Is it possible to get financing to purchase a home being sold at the county sherrif sale? I found a home being auctioned in mid January that I like and has a pretty good report on the county auditor's website.

[HHM]

It's possible...but you generally need to have good credit. And you need to have a pretty hefty deposit that you must pay "at the auction", typically 10%, give or take if you are the successful bidder. However, you will need to check your local rules for the deposit requirements. (and, no one will finance the deposit). Also, you need to see what the time limit is to fully fund the purchase, in order to give your lender time to do an appraisal, title search, etc.

The need for the deposit (cashiers check), due at auction, keeps most average people away. Basically, you need to have cash on hand and get pre-approved.

[BassBoy]

Is it possible to get financing to purchase a home being sold at the county sherrif sale? I found a home being auctioned in mid January that I like and has a pretty good report on the county auditor's website.

One thing to keep in mind here krobin02....and I'm not trying to sound negative here because I wish you all the best......but remember that homes sold at auction are "Buyer Beware" and sold "As-Is". What I mean is, you don't know what you may be getting into, unless you know the house inside and out already. You could be purchasing a house with plumbing issues, electrical issues, foundation issues or needing major repairs (i.e. roof, windows and ect.) and if you don't have the money/equity to do any of the repairs, then you just bought a house that you may not be able to occupy.

All that aside, if you find a great place at auction, then here's wishing you all the best.