article thumbnail

How to Buy a House at an Auction Without Having Cash

HomeLight

Get a hard money loan Hard money lenders are financial institutions that lend money to people with less than stellar credit or complicated finances in order to buy assets such as real estate. A hard money lender can often provide you with funds to complete a purchase in days instead of weeks or months.

article thumbnail

How to Buy a Foreclosure: Your Go-To Guide to Distressed Properties

HomeLight

Let’s take a look at the most common foreclosure sales and how they work. Short sale. A short sale isn’t necessarily a foreclosure sale, but it’s common to see a short sale done to avoid foreclosure. A seller will usually have to prove financial hardship for the lender to agree to the sale.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How do Foreclosure Auctions Work? How to Find Properties, Research, and Bid

HomeLight

If the auction does not allow for financing through a mortgage, you can consider a hard-money loan. This loan comes from a private investor or company that offers funds specifically for real estate. Securing a mortgage for a foreclosed house can take months.

article thumbnail

A 2023 Guide to Flipping Houses in California: 5 Cities to Consider

HomeLight

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for a profit. Donate recommends a hard money loan as the top financing strategy for flippers. Find a Buyer's Agent What is house flipping?

article thumbnail

Flipping Houses in Ohio? 5 Cities to Consider

HomeLight

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for a profit. Find a Buyer's Agent What is house flipping? House flippers buy homes, hold them for a couple of months, and then sell them for a profit (that’s the flip part).

article thumbnail

A 2023 Guide to Flipping Houses in Georgia: 5 Cities to Consider

HomeLight

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for a profit. Find a Buyer's Agent What is house flipping? House flippers buy homes, hold them for a couple of months, and then sell them for a profit (that’s the flip part).

article thumbnail

Flipping Houses in Massachusetts: 5 Cities to Consider

HomeLight

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for a profit. Find a Buyer's Agent What is house flipping? House flippers buy homes, hold them for a couple of months, and then sell them for a profit (that’s the flip part).