OfflineDoes anyone know what the seasoning requirements are, if any, if you purchase a short sale. I've read somewhere that you won't be able to double close a short sale property because they require you to have the title atleast 30 days before selling? I'm pretty sure there is the 90 day seasoning requirements for FHA type loans still but I've read a few different things. Thanks.
-zach
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Hi Zach,
Yes, typically there is a seasoning requirement of 30 - 90 days, but it all depends on the bank. Just ask before making an offer.
- Tom
Thanks what about if an investor wants to sell a property to an FHA funded buyer? Is there a seasoning requirement still?
As long as the investor didn't buy an reo or short sale and has a seasoning requirment on it then he can sell to an FHA buyer. The FHA buyer will have a seasoning requirement through FHA.
The banks will let you know whether or not there is a 30 to 90 day season requirement. Which I always ask before doing anything but I'd like to know if there are seasoning requirements what are some of the creative ways of still selling to an end buyer?
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Do an LLC transfer or buy and sell in a trust. Both are single closings.no deed restriction issues! This of course works for wholesaling to cash or hard money investors, usually not owner/occupant buyers.
From the fix/flip investor point of view, he buys it, rehabs it in say 30 days, lists it and sells it with a closing date 90 days from the day he purchased. To buy it, rehab it and get it closed in 90 days is pretty fast. A buy and hold investor does not care about deed restrictions.
Hope that helps,
Michael
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