90 day flipping rule

90 day flipping rule

Ok, So the 90 day flipping rule has been suspended through 2012. I believe one of the main reasons is so properties will turn over faster to help the economy. It seems many lenders ignore this suspended rule and still will not allow our retail buyers to purchase our flips until we have been on title for 90 days. In fact they will not even let them submit the purchase agreement until the 91st day. I started thinking to myself, if I can get a re-finance cash out loan on my properties (without seasoning) why wont they lend to a retail buyer? I started doing some research in my area to check sales on properties in time frames less than 90 days from the previous investor purchase. I found one and looked up the Bank who mortgaged the property and picked up the phone and called. Guess what...They have no seasoning. They said as long as the sellers name is on deed they have NO issues,however they do not offer FHA loans-They will do conventional with 5% down. So now I have a bank to send my buyers to that are purchasing my flips . This will allow me to sell faster to make more money. The other thing I will want to do is make sure the title work from MY purchase is delivered to the county right away. I only called 1 bank so I would have to think there are more banks that are looking to help the economy . I would like to find one that does FHA.
Sussess to all

__________________

John and Julie Wakefield
JCW Properties, LLC


great info

thank you John and Julie for sharing!
just like solving an equation backwards to find out how to get the result!

I'll start looking for some in my area...

Valerie

__________________

Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


Great Tip

I have seen a list of banks without seasoning requirements at one time...don't ask me where I found it. LOL

__________________

... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...


Seasoning

I understand that Fannie Mae & Freddie Mac may have revised their Seasoning requirements recently.....does anyone know if this is true?

Until recently if a Seller was selling a property with more than a $20k profit, Fannie Mae & Freddie Mac were requiring a 90+ day seasoning. I have just recently heard that this has been amended to a 60 day minimum requirement....has anyone else heard this??

Just curious as this is so important to Rehab-ers and Flipper's. Thank you for your responses.

--Walter

If it is to be, it is up to me! -unk


Syndicate content