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Hard money loans can be highly effective when you need quick financing for a fixer-upper. However, these properties are always risky as they could prove to be a money pit. There is no home warranty and all renovations are your responsibility. Hence, it’s important to be aware of the signs.

Pay close attention if a listing has the words “sold as is”. These words are often a seller warning the prospective buyer that the property needs work, and it may be work that is beyond the scope of your budget or timeframe. If possible, consider getting a quote from a reliable contractor before moving forward so you don’t purchase something you can’t get out of.

Use your senses to detect moisture. Water can wreak havoc on homes if there are leaks. Besides causing warping and rotting, the moisture can make the home uninhabitable due to the presence of mold. If it seems like air in the property has a damp aroma, tread carefully. Even the smallest leaks can result in major damage over time.

This update is by hard money lenders Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on a hard money lender Orange County or a mortgage broker Orange County, please call 954-816-0388 or fill out our application.

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