90 FHA Waiting Period?
I am looking into buying this forclosure that needs a little TLC. I already have a buyer that is interested in the property once I close on the deal. He is going to obtain an FHA loan. If I understand correctly, we have to wait 90 days before he can buy it, since he will be getting an FHA loan. Is this correct. Also, when can we put a contract on the house? Do we have to first wait the 90 days or can we do it before, but just have the closing date after the 90 days. I know it has to appraise for the purchase price in order for FHA to accept it. (it will).
Anyone come in this situation yet? Please let me know.
NCrehabber
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