Buying Houses at Auctions? Secure financing!

Whether this is your first purchase or you're experienced at buying houses at auctions, it's important to remember that there is no financing contingency for auctioned properties and each transaction requires cash as closing. However, loan pre-qualification with competitive rates and programs is available prior to auction day.

You are free to use your own lender, however, there is no contingency for financing and failure to gain approval and close the transaction within the specified time frame may result in liquidated damages. We encourage you to utilize the preferred lenders in your area due to their experience.

Preferred Lenders:

• HomeStar Financial

As stated in the Purchase and Sale Agreement when buying houses at auctions, you must have the down payment (5% for owner occupied, 10% for investment property) on auction day, and be able to fund in cash within the 30-45 days. This includes closing costs which includes the Standard and Customary charges for the county in which the property is located (which may include escrow fees, recording fees, normal pro-rations, lenders title insurance premiums and fees, loan fees, document processing fees, document transfer taxes, homeowners association dues, etc.)