How can I finance the purchase of a flat I buy at auction ?
I am looking to buy one of a few flats I have seen that I am sure at least two wont go much above £25,000 - but you never know.... without knowing the actual amount I will need how can I get financing ? any advice ?
Public Comments
- I would recommend setting a price you won't go above and then arranging your financing for that amount. This will keep you from getting buyer's frenzy at the auction. Make sure the amount you agree to purchase it for makes financial sense. One way to finance it would be to get a hard money loan (I assume you have these in Britain) to cover the initial purchase and then once you have the property secured you can get a normal bank loan to replace the hard money loan. Todd http://www.truthinforeclosure.com
