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Mortgage Tip #24 (Counting down to #1)

The seller purchased the property at auction on the 15th of February. They paid exactly $65,000 for the property. The listing price they chose is $110,000 which is 15% lower than the most recently sold prices in the neighborhood. They listed the property on the 16th of February and your client makes their offer of $100,000 on the 17th of February.

Don't count on getting a loan approval unless the seller has owned the property for 91 days. Unless the seller is the lender who foreclosed on the property or received it into inventory from a deed in lieu. The 90 day rule is an FHA rule but it is mostly adopted by Fannie, Freddie and even portfolio lenders.

The best thing to do is ask the loan officer the buyer is working with if the loan the buyer can qualify for has seasoning requirements on title.  Now if the seller purchased the property, did some rehab and documented the cost of that rehab you may be able to get around this seller seasoning issue with Fannie. As a general rule, in today's climate, flipping for big profits without doing big work, is unlikely at best. It can be done and that is one of the things we specialize in but if we find out after the offer has been made and accepted you may find yourself making a new offer so call first. First as in before you make the offer.

So why did I bring up the subject if I'm not going to give answers? Actually, if I'm doing the loan, I will give answers -very specific and very correct ones. FHA, Fannie and Freddie are all different and within Fannie and Freddie the different loan programs have different parameters. Who you gonna call?

Ken Cook 866-946-0120 extension 101

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Tips Countdown Roll Call:

Tips Countdown: #25 Debt-to-Income Ratio (DTI)

Tips Countdown: #26 Non-Occupant Co-Borrower

Tips Countdown: #27 Prepping for Appraisal

Tips Countdown: #28 FHA Downpayment Assistance

Tips Countdown: #29 Using Private Funding

Tips Countdown: #30 Helping Speed Loan Approval

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THE OPINIONS IN THIS COMMENTARY ARE STRICTLY KEN COOK's PERSONAL OPINION AND NOT REFLECTIVE ON ACTIVE RAIN, NOVATION MORTGAGE, or ANY SPONSOR OF THIS WEBSITE.

EDUCATION BEATS LEGISLATION EVERY TIME. Get your clients, friends and family members to a LENDER RUN home mortgage seminar as soon as possible.

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Copyright©2008 Ken Cook. Georgia and Florida real estate investment loans, FHASecure and FHA Home Loans, nationwide commercial hard money and small business loans, non-recourse loans for real estate investors

Novation Mortgage, 2501 E Piedmont Road, Suite 201, Marietta, GA 30062 Georgia Residential Mortgage Licensee 20014. Florida Mortgage Broker Business MBB 0703760 FHA Lender - Equal Housing Lender


Ken Cook - Web coder (I write the programs that make the whole world zing!) (678) 439-8683 Anything your mind can conceive I can create - online that is!

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NOTICE: I have been writing in this blog since July 2006. Some of the older articles may contain information that has changed. Please check the date and phone me if you have any questions.


 
This post has been included in Georgia Real Estate News
Post is included in group: Ask KEN
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3 Comments on Tips Countdown: #24 Seller Seasoning On Title

DEC
07
2008
825,737 Points 9 Featured Posts Outside Blog

Ken, good information to know!  Now all I need are some investors!

7:14pm • #1
865,593 Points 50 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp

Dude... you know EXACTLY who I would call... and I will be calling you tomorrow. 

9:16pm • #2
267,859 Points 72 Featured Posts Outside Blog

Tony & Darcy - thanks. They don't even have to be investors to buy :) When you find some WHISTLE because I actually do have plenty of money for a few of the buyers.

Lane - I'll be sitting by the phone! Conference call from 10 to 11 but I'll be available after that.

10:40pm • #3

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Ken "Yes You Can" Cook

Marietta, GA

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Ken Cook, Web Dev, Brand Strategist 678-439-8683

Address: Atlanta, GA, 30339

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