OK PROS (SEASONING) YES OR NO RETAIL YOUR PROP.RIGHT AFTER YOU BUY IT
AFTER READING WONDERBOYS POST AND LOOKING BACK AT OTHER POST THIS SEEMS LIKE IT MIGHT BE A REAL PROBLEM. I WANT TO BUY AND SELL RETAIL IN SHORT TIME FRAMES 90 DAYS ETC. ARE MY BUYERS GOING TO FIND OUT THEY CANT GET A LOAN BECAUSE I HAVE ONLY OWNED THE PROP. FOR 3 MONTHS. WILL THIS HAVE TO HAVE CREATIVE FIN DONE EACH TIME. NEED TO KNOW WHAT WERE GETTING INTO HERE. THANKS, JERRY
First ask, who are your buyers financing the property through? You may want to refer the buyer to a mortgage broker that knows that you are an investor. The primary responsibility of a mortgage broker is to find a loan suitable for the buyer.
You can buy and sell a home in 30 days if you wish. You don't always have to be creative in financing. And you don't have to rely on one buyer. If you place an ad in the newspaper, then you should be receiving numerous phone calls. If the buyer cannot purchase that particular home from you, then tell them you have other properties. Tell them you will keep their contact information and if one becomes available that suits them, you will contact them immediately.
This is called building your buyer's list. Why wait for buyers when you can build a list of people waiting to buy a home from you? I hope I opened your eyes and brightened your ray of hope.
Tanya
If you control the deal it will not be a problem.
Find a broker that can do the deal then recomend them to your buyer.
Financeman,
Though I am excited to see my name mentioned in a post other than my own, I don't mean to discourage you in any way. (I should probably list a disclaimer in my profile reading: "Warning..prone to serious pessimism, whining, and rambling.."
Although my first short sale deal died, I do have one thing to add about seasoning. This frightened me a great deal for the same reasons it appears to have made you question.
There is one good note about this, and I forgot to mention it here on TCI. I contacted a couple of loan officers. One of them who is a "investor friendly" broker told me there was no way around the seasoning issue.
So I contacted the same bank I got my very own first mortgage through, asked him about seasoning and said to his knowledge there is absolutely no policy regarding that at his bank.
Now, there is a possibility that this could snag once they get into the process. I'm still not quite familiar with how HUD controls a loan when it's not FHA-backed, and I've heard that HUD is considering seasoning rules. Gurus, back me up or please explain here.
Regardless, it doesn't seem that seasoning is an immediate deal bomber. I'll certainly keep everyone posted if and when I get another short sale underway.
Take care,
Andrew
There ARE lenders available who will finance unseasoned title transactions.
Contact me at MentorForWinnerrs@aol.com
Mark
Just wanted to say thanks for the replys. I talked to a couple of realtor friends here in Texas and they said that it will be no problem. Makes me feel better. PS.. Sure is great to have a site like this where people really do care and want to help. Jerry
How and where do you get a 2nd mortgage with no seasoning and pull cash out? Thanks.