Posted by ken on October 14, 2003 at 21:37:06:
If all else fails hold a mortgage and sell it on the private market they don’t care about seasoning issues.
Can buyer get finance when title has changed in 6 - Posted by NM
Posted by NM on October 14, 2003 at 13:03:28:
I am going to pick up a home from a failed rehab project. The owner is willing to give it to me for the balance of his hard money loan. Will I have a hard time getting my buyer financed because the title has changed hands some many times in only 12 months
Re: Can buyer get finance - Posted by mortgageman
Posted by mortgageman on October 17, 2003 at 08:18:08:
I am a mortgage broker in Illinois.
Yes your buyer can get finacing. It really depends on the strenght of your borrower and also how you structure the deal.
Are you going to rehab it then sell, or just sell as is?
If you are selling as is, one solution might be for you to assign your contract wtih the seller to the buyer, and collect an assignment fee form the buyer.
If I can be of further assistance, please email me.
Re: Can buyer get - Posted by acw
Posted by acw on October 16, 2003 at 20:58:43:
FHA will Definately have a problem with it. Can’t do an FHA loan on that property unless you have 90 days seasoning…AND can document all the repairs made.
Drop me a line if you need more info on lenders who finance Rehabed houses.
Buyer get finance when title’s changed in 6 mos - Posted by jasonrei
Posted by jasonrei on October 15, 2003 at 20:01:04:
Most times it depends on the lender. Some lenders still have no seasoning requirements, though finding them is getting harder.
If you have a strong buyer, or one with 10% down or more, the likelihood of seasoning being an issue goes down.
Re: Can buyer get finance - Posted by Dimpil
Posted by Dimpil on October 14, 2003 at 21:47:42:
It maybe an issue. You really need to check with a broker