What do you think?
I was quoted in this msn.com article applauding FHA for suspending their 90 day No-Flip rule and suggesting FNMA and Freddie Mac should do the same. I just went back to the article and reviewed all of the comments again. You may find it interesting reading. I support lifting seasoning requirements not only because I provide Transactional Funding but because flippers move properties. Tell me what you think. Flippers - can they help OR should they be strung up??? :argue
Here is the link: http://realestate.msn.com/article.aspx?cp-documentid=23616063>1=35000&vv=750
I think its great Ted. All Lenders should consider this but unfortunately they don’t like us making a profit at their expence but what they don’t realise is that we’re doing them a favor by getting these properties off the books plus giving rehab guys a job. You ever think of running for congress? Herbster
Herbster,
Thanks. I did office “stuff” in high school and college, but am so discouraged with the state of our political system and the impact of special interests I would find myself hurling daily. Our politicians at the beckoned call of big corporations and financial institutions are eliminating the middle class and taking us down a road of debt that our great grandchildren will not be able to payoff. It is unlikely to change without campaign and lobby reform, which would require the chickens in the henhouse to vote themselves less feed. What should be easily the world superpower is on a clear path to medocrity.
OK, enough rant for now. :banghead
Herbster
herbster
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Posts: 666
You need to post something somewhere fast… I am not certain having 666 posts is a good thing… However congrats…
Michael
Yes if allowed to.We provide housing to people of all walks of life at reasonable prices to move them fast. It helps the economy in many ways not even realized yet.
Redhawk
OH MAN, Thanks Michael I didn’t notice, Its like HOLY s__t do somethin now.
Ted,
Nice article. That probably helped your business explode.
Christopher,
Business is good because we price very well versus the competition. But yes, a little national exposure has resulted in a pickup to website visits.
Thanks :bobble
How did you get in the press, by the way? I’ve been trying to get out there but I’ll tell you, it’s TOUGH 
:banghead
Hey Nick,
The author found me from some Blog and RE Forum posts. On a couple of them I think I was praising FHA for lifting the 90 day no-flip rule and ranting that FNMA and Freddie should pull their heads out. The interview was probably 30 minutes and the article was definately not about my Transactional Funding. She definately listened to the rationale about moving properties and agreed with it. I was honored to get a minor quote.
FNMA/Freddie = :banghead
As someone who buys properties, fix them up and sell them (don’t want to label myself a flipper as it is banned in NJ), I definitely applauded the 90 day seasonal lift.
However, I am still running into buyers who are asking if the properties are seasoned as their mortgage companies cannot or will not close unless it is.
Most of my buyers are investors or “bird dogs” with end buyers and they are still having this issue.
I have only ran into one investor who isn’t having this problem.
I don’t get it!
I just read the article and you answered my issue.
Apparently many lenders are not adhering to the rule just yet.
Hopefully that will change. If not it is also ok as we don’t mind holding properties until they are sold. It usually takes a little less than three months to fix it up anyway (depending on the job) and we don’t have problems with putting tenants in to keep out the vandals.