How is lenders money secured? - Posted by LeBaron (KS)

import · May 13, 1999, 5:33pm

Posted by John(NH) on May 14, 1999 at 10:39:34:

This is what a title or escrow company can do for you at closing. They prepare and record all the necessary documents. Give a local one a call and ask them.

import · May 13, 1999, 5:33pm

Posted by LeBaron (KS) on May 13, 1999 at 17:33:39:

I am sure this question has been answered before, lets say I have found a house and I am not having any luck flipping it. My closing date is quickly approaching and I don’t have the money to purchase it. I know I can just eat my deposit money, but what if I find a private lender willing to lend me money for the purchase of a house. How do I secure that money for them? I’m sure I secure it with a lien on that property but how do I go about doing that?

Also, what if I don’t have a property and I don’t want to get myself in the situation like above, can’t close because don’t have the funds? If I find a private lender willing to loan me money, how do I secure that loan even though I don’t actually have a property? Do I wait until I get a property?

Thanks for any and all information!

LeBaron (KS)