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Updated over 4 years ago on . Most recent reply

User Stats

200
Posts
21
Votes
Tim Ivory
  • Morristown, TN
21
Votes |
200
Posts

Hard money loans and seller occupied houses

Tim Ivory
  • Morristown, TN
Posted

I have a pretty good prospect on My 1st fixed and flip house after putting up some bandit times around my area and was able to find a house valued around 200 K and asking prices around 120 K With about 15K work as far as I can tell. Now he asked me a pretty interesting question that I didn't really know about, and he wanted know if it would be possible to live in the house after I purchased from him for a short time until they find their own house to live in using the funds I've given them for the deed. I Will be financing this property the normal way using a hard money loan. Am I right to assume that a hard money lender would not approve of this And is it true that a hard money lender only lend if the house is vacant? It is easy to anticipate that quite a few things go wrong in this scenario, like they could take a very long time to find a house to live in, Even months, and things could get really ugly if I would be forced to evict them which could take who knows how long.

Is it unheard of to put into a contract saying that the seller has 2 weeks to move out of the house after the sale and The deed is transferred over Using a hard money loan?

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