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Updated almost 6 years ago on . Most recent reply

Account Closed's profile image
Account Closed's profile image
Account Closed
  • from Burlington, NJ
  • Member since May 1, 2019
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • from Burlington, NJ
  • Member since May 1, 2019
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Account Closed
  • Burlington, NJ
5
Votes |
5
Posts
Private Lending & Conventional Mortgage Advice

Private money lender- can they buy the house you found ?

Account Closed
  • Burlington, NJ
Posted

So lets say you found this great house to rehab, you find a lender and they screw you over and buy the house. Has that happened to anyone? how do you avoid that?

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Taylor Chiu's profile image
Taylor Chiu's profile image
Taylor Chiu
  • Real Estate Agent
  • from Salt Lake City, UT
  • Member since Feb 16, 2014
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Taylor Chiu's profile image
Taylor Chiu's profile image
Taylor Chiu
  • Real Estate Agent
  • from Salt Lake City, UT
  • Member since Feb 16, 2014
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Taylor Chiu
  • Real Estate Agent
  • Salt Lake City, UT
230
Votes |
473
Posts
Taylor Chiu
  • Real Estate Agent
  • Salt Lake City, UT
Replied

@Account Closed - It's unlikely, assuming your private lender isn't heavily involved in real estate investing themselves. The way you can avoid the situation altogether is to get the property under contract before bringing it to your private lender. Is that a possibility?

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