quick property flip problems - Posted by Donnie

Posted by Jim Upchurch on March 14, 2001 at 08:17:39:

I am a broker in NC and have several investors that send me loans. Refi’s for them if they are keeping the property and purchase loans for their buyers if they are selling.

If your buyer has good credit and will qualify for a “conforming” loan - you will not have a 12 month seasoning issue.

The problem is when your buyer has “sub-prime” credit. Too many sub-prime lenders have been burned on “flips”. I consider yours a “legitimate” flip. I have one lender that will loan the money to your buyers if you can prove you purchased the property from a foreclosure sale (If HUD/VA repo - a copy of your settlement statement will work) and the sales price plus rehab costs are “within reason” compared to the sales price.

While I don’t lend in OH - I am sure there are several brokers in your area that have a lender that will do this.

Good Luck…

quick property flip problems - Posted by Donnie

Posted by Donnie on March 11, 2001 at 19:55:12:


I have been investing since 1997. Within the past two years I have turned away from multi-units, and have focused on rehabbing single family properties just to sell them no more that 2 months after I purchased them. I am located in Dayton, Ohio. Since the beginning of 2000, I can no longer find a bank that will loan a person money to buy my house if I haven’t owned it for at least one year. I wanted to know if banks nationally are undertaking this new requirement or if there are still banks out there that do not have title seasoning requirements.