Houses are sold at auctions paid for with cash?

I just read that a bank held an auction of a lot of properties in Las Vegas, and the bank accepted the 90% of tenders. I guess people who go to these auctions are investors with cash, right?

No. Some banks require A deposit of cashier's check, but 10k most accept 5k. If you do not pay all cash, you have to have with you attached to test a pre-approval letter from a bank or mortgage company. There is a pre-qualification pre-approval. If you bid and get the house you then have 30 days to pay the balance. What it really means is that you call your lender immediately and tell them you made an offer on a house and was the exception and get the ball rolling. Now the 30 stipulation is not written in stone. If the title search or something funky emerges is a one-page document to request an extension and is always accepted because The goal is to turn those excluded. We bought a foreclosed property after not selling to the action and our original closing was set for Sept. 5 and not closed until next week due to a septic problem. Do yourself a huge favor, getting the home inspected. We have made and are grateful for that. Our house is well, except for the septic, but we already knew. If we had not had an inspection that could potentially be in serious trouble once we pass the papers. Good luck!

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