[quote=patientrenter]”How can you get a loan to purchase a property if you don’t have the cash to buy it at the auction?”
How do I buy something for more than I can afford? In the right economic system, the answer is you can’t. But the fact that there are other valid answers in our current economic system tells me we’re a very long way from recognizing our problems, let alone fixing them.
Clearly, if not having the purchase price for a home doesn’t tell you ANYTHING about whether you can afford it, then we still live in a world that’s way too leveraged.[/quote]
You definitely will have to be patient, patientrenter, if you expect people to have the cash sitting in the bank in order to buy a house before you buy.
That said for the OP, since they don’t have the cash they would have to get a pretty darn good deal and the trustee sale because hard money will definitely cut into that deal. And you will be competing with the sharks at that point for the “good” deals.
I was at the trustee sales here in Ventura today, 5 of 9 sales went to 3rd parties. The competition is very active (though today was an anomaly).
