Financing Property
I purchased a property a couple months ago and am ready to sell it. The new buyer will be getting VA financing. Will the VA loan be a problem since I have only owned it for about 4 months. I thought some of them needed months?
6 months that is
Come on mortgage brokers out there let me hear ya!
You will probably need to provide documentation showing any improvements you.ve made, reciepts showing material costs etc. to justify any increase in the sale price from when you bought it. The lender will want probably 1 year seasoned title, but with proper documentation, you may be able to get them to agree to the loan.
good luck
I would be still selling the propery at 8k below assessed value, pretty crazy if they wouldnt loan on that one. I bought it really well and didnt have to do a short sale.
If it is a problem see if they would be willing to do convential lending. VA is not always the best choice for the buyer and as a seller their are usually fees that the buyer is not allowed to pay that the seller has to pick up.
When is VA financing not good for the buyer? 100% financing with a dirt cheap interest rate....
I thought you were a lender, with your response. I still dont understand how VA financing wouldnt be the best for someone...honestly if they can get it.
The ratios are better for the buyer with VA, and might help an otherwise unqualified buyer become a qualified buyer.
Just found out, some info. With VA financing the buyer cant have had a late payment within a year, otherwise its pretty much impossible to get.
I agree with Sammy, if you can get close to the same deal but much less restrictions...
[addsig]
The best advice I can give you right now (as newbie myself) is find someone on this site with experience and email them directly. I have found everyone is very willing to help and you obviously need immediate response.
Good luck!
Also, I would love to know how this works out for you. Please post forum after the purchase!
Hey Red sounds like you got a good one going there. Curious, what is the value of the duplex?
Have you done any comps of the area?
Being a Duplex, what is the potential rental income?
Are you going to flip this one, or are you looking at living in one side and collecting rent for the other?
Mark
I would say that is pretty fair.
Is that how you usually get paid as well? after?
Thanks for your feedback!
When I am wholesaling, I do not expect anything more than an earnest money deposit until settlement. When I am buying from wholesalers, I refuse to pay the fee until settlement.
try to look at from the perspective of a normal transaction. the earnest money is held in escrow until the closing date. that is when the seller gets paid. seems fair to me