Borrowing To Purchase

[nimai]

Hi There,

Does anyone know about borrowing funds to purchase a tax sale property? If you do not have 100% of the bid, is it possible to borrow from a bank or other lending agency? I understand in general a property must be paid in full by 14 days.

Nimai

[Rob]

You have a few options:
 - A personal line of credit would probably be the best way to go. 
 - There have been members on this board who have offered to finance certain properties for a portion of them if the bid is successful.
 - Small loan tied to an asset you currently own (not the tax sale property)

A mortgage would not be possible for the inital sale, but once you own the property you could then mortgage the home afterwards to pay off the initial price.   Give yourself flexibility on what you think the property is worth to what you can afford.

Hope this helps.