FHA Seasoning for below market property - Posted by DaniB
Posted by DaniB on September 22, 2004 at 10:45:17:
We purchased a property from a bank at the end of August, got a great deal and put it on the market immediately. We have very little into the property and don’t intend to rehab but sell to a handyman or another investor. We are asking $169,900, comps are $210,000 and repairs to make it really nice would be between $7 - 10K.
We have an offer, but the individual would like to finance FHA. I know there will be a seasoning issue, however, will it be the same if the buyer is purchasing and getting so much equity? Should we request he purchase using a conventional program?