90 day seasoning thing?? - Posted by Mario Lopez

Real Estate Investing
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Posted by Nate(DC) on October 06, 2003 at 24:58:10:

The key words there are “IN SOME STATES”. For example in DC and MD there is no redemption period on a foreclosure sale. Once the hammer falls, all of the former owner’s rights are extinguished.

NT

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90 day seasoning thing?? - Posted by Mario Lopez

Posted by Mario Lopez on October 01, 2003 at 17:03:10:

Can someone clarify the deal with the “new” 90 day seasoning rules I keep hearing about? I just can’t find the specific details. I just bought my first rehab, and it should really only take about 1 month tops to get it done and back on the market. What are the issues I need to be aware of regarding certain lenders etc. that might give my buyers problems if I haven’t owned the house for at least 90 days? And is that what it is, 90 days? Is this just FHA that has the seasoning issues or what? Thanks for helping me to understand this issue!

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Re: 90 day seasoning thing?? - Posted by Rich_Va

Posted by Rich_Va on October 05, 2003 at 12:52:06:

Here is the very source to answer your questions.

http://www.governmentguide.com/govsite.adp?bread=*Main&url=http%3A//www.governmentguide.com/ams/clickThruRedirect.adp%3F55076483%2C16920155%2Chttp%3A//www.hud.gov/

I think it will be pretty clear as to what you can and can’t do. You can go right ahead and work the sale just ensure its not an FHA loan prior to 90 days.
Good luck

Rich_Va

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This is a very touchy subject…PLEASE HELP!!! - Posted by G(Atlanta)

Posted by G(Atlanta) on October 02, 2003 at 21:33:51:

Could some of the gurus please shed some light on this?

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Re: 90 day seasoning thing?? - Posted by Heather -Tx

Posted by Heather -Tx on October 01, 2003 at 22:42:55:

An idea would be also to call around and find lenders that do not have seasoning issues, and then direct your potential buyers to those lenders. So that halfway through your deal the contract doesn’t fall thru due to the new seasoning some lenders are using.

Hope this helps,
Heather Zaal

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Re: 90 day seasoning thing?? - Posted by G(Atlanta)

Posted by G(Atlanta) on October 07, 2003 at 08:58:13:

Rich,

What link would you click once you’ve gone to that site? The site comes up with a general page, but it doesn’t specify where this particular info is.

Thanks again,

G(Atlanta)

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Re: 90 day seasoning thing?? - Posted by Margo

Posted by Margo on October 01, 2003 at 22:58:20:

Hi, I am very new to this site, very much interesting. I too want to do r/e as an investor, my hubby is a GC, but I just learnt this today that if you get a house, by foreclosure that you should not do anything except insure it and no work for 91 days, because the people who lost it has the right to buy it back within 90 days, in some states, so if you put any money into fixing the property up you are just appreciating another persons property, I was shocked to learn that…thought I would pass that along…:slight_smile:

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Re: 90 day seasoning thing?? - Posted by Erin (detroit)

Posted by Erin (detroit) on October 10, 2003 at 10:26:39:

Michigan (last I checked) was 6 months right of redemption. Confirm what your state uses for time lines on redemption periods (if any).

Erin