Lender May Have Jumped On Our Deal

[Jeff Meachen]

We are not 100% sure on this speculation but are thinking one of our potential lenders jumped on our good deal.  This week we made an offer on our first investment property.  It is a foreclosure and has been on the market for a while.  We have been shopping around at local banks to see what the best options are for us.  When we went to a bank earlier this week and talked to a lender he asked about the deal we were making an offer on.  He was really interested in the specifics and said more than once what a good deal it was.  Due to the fact that the condo complex had more than 10% of the units as rentals their lending institution would not be able to do the loan.  We just found out today that another offer is competing with ours.  After talking to our real estate agent, he said he wouldn't be surprised if the lender himself or someone he contacted is going for the property.  When talking to lender's do you share the property information with them?  Should we not have?  Since this is our first deal we are still in the learning stages, but didn't think about having to keep our cards close to our chest when speaking to lenders.