Foreclosures
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 10 years ago,
Will a Hard Money Lender finance an owner occupied property / Auction.
Ok, here is a scenario. I placed a big for a property on Homesearch.com a week ago and didn't win. Today I got a call from there that the highest bidder back down and if I still have interest in the property to call them before end of business tomorrow. But the issue is that the financing is cash only and the property still occupied by current owner / tenant. So I know that i will need to go thru the eviction process to gain possession of the property. But I already use some of the money I have allocated for this in another project. Do you know if a Hard Money Lender will finance a situation like this ?
My final price will be 51K and most of the property in the area / comps are going for 85K thru 110K.