Hey Real Estate Rock Stars!
The person I’m negotiating with on the property I want to buy is not the owner but is power of attorney for the estate of his family member who passed away.
He is also VP of commercial lending for a small local bank.
My real estate books say to reach out to this kind of bank as they often have more flexibility.
Would that create a conflict of interest or ethical issue?
I would be in touch with the residential lending side not the commercial side where he works.
I would actually use that as positive leverage. Here is my offer and I am happy to do my loan with your bank. It is not a conflict of interest in this context.
Thanks so much Jonathan for taking the time to reply. I had that same thought but just wasn't sure what rules there might be.
Yup, @Jonathan Greene got it right.
Ask your contact, "For me to make a final decision on this property I need to know how much will you lend and on what terms?"
@Marc Winter it's an old-school win-win for sure.
Thanks so much for taking the time to reply. He has offered seller financing but I was thinking having a pre-approval from his bank would be useful.