Does anyone know how to bid in the Real Estate Auction?

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shygirl
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Does anyone know how to bid in the Real Estate Auction?

Post by shygirl » Thu, 28 Sep 2006 3:22 pm

If I bid a property, how the the procedure? I heard that the buyer must pay the full price if they bid the house. Is it true? Can not get 80% loan from bank? Anyone knows?

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ksl
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Re: Does anyone know how to bid in the Real Estate Auction?

Post by ksl » Thu, 28 Sep 2006 4:31 pm

shygirl wrote:If I bid a property, how the the procedure? I heard that the buyer must pay the full price if they bid the house. Is it true? Can not get 80% loan from bank? Anyone knows?
You would have to secure the cash from a bank before any auction, if you bid in the auction you must pay them with cash!! from the money you have loaned. And I don't expect a bank, would loan you 80% of the money, without knowing what you are buying, so unfortunately no, i don't believe they would give 80% of the cash, unless you had some assets, to secure the loan.
Auction is cheaper, but always a risk, because you don't know what you are getting for your money. So cheaper by far! You must do your research, especially on property, for the reason for sale.

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