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What does “cash only” mean in relation to a property being auctioned?

April 26, 2017auctioned mean Property relation

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What does “cash only” mean in relation to a property being auctioned?

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These properties require the winning buyer to have cash deposits capable of paying for the property, not financing through a bank or mortgage company. Acceptable sources of deposit include checking and savings accounts, stock portfolios, certificates of deposit, 401k accounts, and other related sources.