Posted by dewCO on October 30, 2000 at 22:41:25:
Check with lenders in your area. If they’ll make the loan then it’s not a problem. This seems to be an issue in some areas and not in others.
Can Improvements Eliminate Seasoning??? - Posted by Denise
Posted by Denise on October 30, 2000 at 15:16:47:
Can anyone clarify this for me:
I buy a property and turn around and want to sell it right away.
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If I find a first-time home buyer, that would likely have me subject to 6 months seasoning, right?
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But if I want to eliminate the seasoning, I can either find a buyer with 10% down, or prove the improvements by a licensed contractor to the new buyer’s lender, at approx 1/2 of the amount of the difference between my purchase price and my sale price? (Therefore, improvements can eliminate seasoning?)
Thanks,
Denise
Re: Can Improvements Eliminate Seasoning??? - Posted by SCook85
Posted by SCook85 on October 30, 2000 at 23:03:49:
Denise,
When title seasoning first became an issue, lenders would look at receipts, pictures etc… in lieu of seasoning. However in my area this method hasn’t been working now for about a year. The lenders have gotten really strict about seasoning and will make no exceptions.
Be careful when dealing with people who say they can do these deals. Most of them get a flier faxed to them and promote programs that they have never used. They don’t know the fine print and usually end up with egg on their face when the deal gets pulled just before settlement.
Steve