Most hard money lenders have a 3 month prepayment penalty and will loan for a year or two.In areas with a lot of foreclosures, many hard money lenders ended up foreclosing on properties.

Typically we have the seller show the house is being sold and the new owner wishes all bookings to be cancelled penalty free.We have one in Clearwater we are going through the process of now. 

You should also consider any penalties or fees associated with canceling the contract before its expiration date (some managers play dirty). 

This time around, get a contractor you can work with, detail your scope of work in your own document if necessary, and consider adding a reasonable work schedule with penalties for delays beyond a certain amount of days, among other things.I can't advise you on PA law.

Only needed to put 20% down and got a 30 year fixed rate mortgage at 5.6% interest with a prepayment penalty for the first 3 years.

Hard money options:Easy Purchase-Only6-Month Term (No Prepayment Penalty)82.5% LTPP up to 70% ARV10.9% Rate2.5 PointsYou will self-fund the entire rehab in this scenarioPurchase 806-Month Term (No Prepayment Penalty after 30 days)80% Acquisition-Only Loan (Lend based off of LTC, Not ARV or LTV)11% 1 Point

You can also start to enforce a late payment penalty if the previous owner did not. 

Written violation notice with a deadline to correct and a penalty for failing to do so."

We got the first 12 months interest only, 5.5 interest rate, 25 year AM, no prepayment penalty, and $50K of renovation funds 5/1 ARM How did you add value to the deal?

The bank typically sets the opening bid at what is owed on the loan + late penalties/legal fees.