Is it difficult to get the bank to promise to finance a house or property they haven’t seen? What if the property has defects or you don’t win the auction?
Doing a conventional loan would be difficult if not impossible because the bank would have to get in the property and appraise it in a conventional loan. I’m not sure if they can do that or the time frame in which they can do it. Consequently, people who typically buy property in foreclosure sales have the means to come up with the money, either by having the money in the first place, or by having lines of credit, or by owning other real estate on which they can secure a loan, to come up with the purchase price. Therefore, a conventional closing on a Sheriff’s sale is highly unlikely.
Learn more about real estate at Joseph & Joseph.