Posted by ds on July 03, 2008 at 10:03:36:
Thanks a lot Kristine.
Will the bank finance the REO … - Posted by ds
Posted by ds on July 03, 2008 at 24:24:20:
Will the bank finance the REO I bought and fixed?
Trying to sell a condo and somebody told me when the bank sees it was sold about a month ago for significantly less they won’t finance it.
The good thing though rents go between 1,100 up 1,300 from section 8 (Los Angeles area). I put it for sale for 125K.
Showed it yesterday and the lady liked it. The only thing I am worried is the financing.
If I rent it out I would be having positive cash flow, but I need the money for other deals.
Other good thing value won’t go down to 0 :), and what RE can you buy in the LA area for about 100K?
So anybody knows any bank that wouldn’t mind the previous sale history? If I have such a bank, it would greatly help me sell it and move on.
Thanks!
Re: Will the bank finance the REO … - Posted by Jeff Tumbarello
Posted by Jeff Tumbarello on July 07, 2008 at 20:41:16:
we have found a lender will to Finance REO’s to end users, No Qualifiying, 5 percent down, nothing for investors
Re: Will the bank finance the REO … - Posted by Dave T
Posted by Dave T on July 03, 2008 at 14:52:24:
Title seasoning is becoming a requirement with more and more lenders these days. It used to be that CountryWide would let you do a cash out refinance after only one day on title. Now, they require six months title seasoning and full doc (no more stated income)
Re: Will the bank finance the REO … - Posted by Kristine-CA
Posted by Kristine-CA on July 03, 2008 at 09:49:59:
To re-sell a flip, it’s important to control the deal, including the
buyer’s financing. You need to have your buyer use a mortgage broker
who understands what you need done (re-sale without seasoning).
Many lenders don’t have seasoning requirements. Some do, but will
require proof of costs for the rehab. If you just go into escrow, hoping
that the buyer’s lender won’t have problems, you are asking for a long,
drawn out thing. At leasst in my experience.
An experienced buyer will understand this. The average buyer will not.
So, unless you know the buyer’s lender, I suggest finding a mortgage
broker who can get the deal done, taking into consideration the
seasoning issue and the buyer’s credit and down. Kristine