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Category: Need Advice Current Grade: B- Total Views: 469 Member Comments: 2 |
Posted on: 11/15/2008 Posted by: True Life Investments Blog Points: 12 View all blogs >> |
Hi, community I have a short-sale deal that has an end buyer that is using FHA funding. Fha has a 90 day seasoning requirement therefore making it difficult to close. Does anyone have a creative answer to the seasoning problem or a title company that can get it done?
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"Building Clients For Life"
"Building Clients For Life"
Hey, I am a consultant that works with private lenders. I need to know the details of the deal, and what are your goals in the deal. If they have 3% downpayment, no matter if the credit score is great or bruise. They can most likely get the job done. Seasoning issues we take care of as long as requirements are met on your buyers end.
Contact me.
Brian Barge
blbarge@yahoo.com
If you're trying to do a double close, I don't think you'll be able to pull it off if your end buyer's using FHA financing.
Three recommendations for you, though.
One, find out whether or not your buyer's married to their lender. In some cases, if they want the house bad enough, they may be open to going with a lender that doesn't have title seasoning requirements. One that you can recommend them to. I have two local banks that I refer all my end buyers to, and if they don't want to use them, I look for another buyer.
Number two, pass the deal on to the end buyer and put a loss mit fee on the HUD. Obviously this one's not going to work if the spread's large, but if you're confident that you're not going to be able to find another buyer, you may just want to talk to the lender, redo the agreement, get as big of a loss mit fee as you can, and get the deal done.
Number three. Buy it and rent it to them for a few months and when your title has seasoned, sell it to them. I've never done this one myself, but I've heard of a number of investors using this strategy.
Truth is, and I know this stinks, but your best route's probably going to be to find a different buyer.
Let me know how it turns out.
GOOD LUCK!