It is best to to have the financial means to buy the property without financing in an auction. If you are going to finance it, you’d better have a bank that is ready to back you up. If you fail to come through with the sale proceeds, you could be held in contempt by the court, and the property could be put back up, and you could be responsible for damages. Either have a pre-approval with your lender, or have the cash on hand, or have a line of credit that allows you to actually come forward with the closing money. This is not the type of transaction that conventional financing would typically work.
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