I recently lost a deal due to lack of funding. The house wasn’t on the market yet but the owner had already moved out. While trying to find her, two days later, the property hit the MLS for a price of $21K. I couldn’t find a lender who’d do the loan. I don’t want this to happen again so I need to line up a hard money lender (hml) but what questions do I need to ask?
Also, is it unusual to need $5k before most hmls will fund a deal?
I’m in Missouri