Hard Money
Hi, I'm a newbie here. I started reading about hard money loans but the companies that i found on line asked that for appraisal of the property before they lend you 70% of its value. So does that work for a foreclosure. I also wanted to know your preferred hard money lender.
thank in advance,
Carlos
It will work on any property that you would buy. the appraisal always comes first. If you are buying a foreclosure at an auction and you don't win. You just lost your money. If a house is in foreclosure and you can get the bank to do a shortsale, then your chances of llosing the money for the appraisal are less likely.
Good luck
Lori
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