Posted by James (fl) on September 11, 2003 at 21:53:31:
It seems to me the problem is that Option One has a seasoning requirement. Most sub-prime lenders do have seasoning requirements. You need someone who is qualified for a conventional loan that does not have seasoning requirements, or sign a lease with an option with the person, have him lease it from you for a year, possibly giving you some option money up front, and get your money in a year. $30K is a LOT of money, and if that is the only way to get it, I would think it is worth waiting one year for. Either that, or find another buyer who is better qualified.
Countrywide will look at the HUD from the closing of YOU purchasing the house, and the requirements are that the seller cannot receive any money from the sale of the house. A simultaneous close will have nothing to do with them as long as your title company does not decide to show Countrywide the second closing HUD considering they would not have an interest in it anyways.
Just my thoughts.