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| john54321 |
 Posted: Mon Oct 16, 2006 6:41 pm Post subject: |
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New Poster
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| 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? |
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| Im Not Warren Buffett |
| Posted: Mon Oct 16, 2006 6:51 pm Post subject: |
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CFO
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| 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. |
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| john54321 |
| Posted: Mon Oct 16, 2006 7:08 pm Post subject: |
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New Poster
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| 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. |
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| annjohn2 |
| Posted: Sat Feb 21, 2009 4:52 pm Post subject: |
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Investing Associate
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| I found out about the tax sales, by the television. I later tried looking them up on the internet. The first one I found was in Arizona, but I was not comfortable enough to invest. |
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