| Author |
Message
|
| john54321 |
 Posted: Mon Oct 16, 2006 6:41 pm Post subject: |
 |
|
New Poster
Joined: 16 Oct 2006
Posts: 2
This Month: 0
6125.37 e$
Net worth: 6,125.37
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
|
| I live in Illinois and have come across the sheriff auctions. The rules here are that 10% of the opening bid must be put down as a deposit upon winning the auctioned property and the remainder is due within 24 hrs. My question is that is it possible to get a mortgage/loan approved with that small time period? If so how would one go about that? I have done my research but to no avail. My problem is that I have not built enough equity yet, so an equity LOC is out of the question. Any help? |
|
| Back to top |
|
 |
| Im Not Warren Buffett |
| Posted: Mon Oct 16, 2006 6:51 pm Post subject: |
|
|
CFO
|
| How big are the purchases you're talking about here? If its not too big and you aren't deemed a huge credit risk, you could probably get a personal loan from the bank for a couple thousand dollars. The interest on those types of loans are higher than normal though, right now they are probably 9% and up. |
|
| Back to top |
|
|
| john54321 |
| Posted: Mon Oct 16, 2006 7:08 pm Post subject: |
|
|
New Poster
Joined: 16 Oct 2006
Posts: 2
This Month: 0
6125.37 e$
Net worth: 6,125.37
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
|
| These are around 90-200k, but definitely worth the investment on some of these. The bank would only give me 50k on a personal LOC, but I still think there may be another way, it is just hard to find something like that and I understand why the banks do not want to take the risks. |
|
| Back to top |
|
|
|
|
stock market game on the web. At eInvesting you compete for monthly cash prizes while you interact, make virtual dollars, purchase items, and trade in the realistic stock market simulator. We make investing FUN!
