We have located a large Commercial Property which is up for Auction…We have never participated in an Auction before , but have done all our due diligence and lined up our financing…but don’t have the required bid entrance monies to be a registered bidder.
Is there a short term private ,institutional or lines of credit available for this purpose?? as we know monies are returned if bidder unsuccessful …and if the winner monies repaid thru the financing …Looking for advice or direction on this
I was active going to auctions a while back. In the beginning, I thought it wise to attend a number of them, see what’s going on, before doing one for real.
It’s not a requirement at every auction, but for many, I had to walk in with a bank check or certified check for a few thousand dollars. At auctions that I don’t bid, they don’t take the check and cash it, you’ll hold on to it, and just return to the bank the day after to redeposit the check.
As a real estate investor, I normally have at least $5,000 to $10,000 in cash laying around together with home equity lines, and overdraft facilities that I can easily tap into. I own rentals, and I can’t conceive of a situation that if an emergency takes place, I at least would have a few thousand dollars to take care of business.