Are Auctions Cash Only?
- Jay Cash, The Auctioneer
- Apr 24, 2020
- 1 min read
Most properties at auction are sold subject to no contingencies. This is why many times you hear that properties are CASH ONLY purchases. MANY times buyers at our auctions seek out lending institutions for loans on large purchases. YOU CAN get a loan on a property sold at auction but it is not subject to appraisals, post auction inspections or repairs.
You are always allowed to make inspections prior to the property being sold.
You should always consider what a home or property would appraise for if you are planning on financing any portion of it. We have many banks that are happy to loan money on homes we sell at auction. However, some properties will not pass inspections do to age or condition.
If there is a property you would like to look at or bid on - Email Jay Cash The Auctioneer we will be happy to discuss
I’ve found that the excitement of bidding—kind of like the thrill in Drift Boss—is heightened when knowing how cash flow impacts strategy.