If I use all of my available cash and borrow cash from family?to purchase a home at auction how difficult is it to get a mortgage on the property purchased so I can repay the family?? Any lenders specializing in these types of transactions?
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By the way thanks for hosting this forum - I have learned a lot just by reading the topics previously posted.
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I haven’t taken any loans on my purchases after the fact, but there should not be any particular issues. Lenders may treat it more as a cash-out refi then a purchase. Check with a local lender, but again, I don’t forsee any problems.
Hello Jim,
We are a group that is currently providing financing for properties that have been purchased at auction. If this is something that can help you, please contact me at: daveone@gmail.com.
Thanks!
- David
Lenders will treat it as a cash our refi. Banks typically don’t do cash our refi on properties owned for less than 90 days, so you will most likely have to wait 90 days before taking out a loan.