Question on Hard Money Lender's Terms (newbie here)

[Greg Black]

Suppose I sign a 12 month term at 8% ...I have been making payments on time, and I am done rehabbing the house and its on the market. What do I do as I enter month 12 and the house hasn't sold? Should I then get a traditional loan or ARM to take the place of the Hard Money loan, or should I contact the HM lender and ask for a 12 month extension? What do people generally do in a case like this?

Thanks!