What are those of you who flip properties doing to overcome a lenders objection to transactions involving flipped properties? I am able to purchase the properties I need; however, of late I am running into lenders requesting chain of title in order to disallow loans on flipped properties.
Are you a loan officer youself?
There are some great loans out that do not require title seasoning!
No. I have a family member that is a loan officer. I am a realtor/CPA/newbe investor.
I guess I just need notify the buyer that I have only held the property for X months in these cases.
Thank you for the response.
how long have you had this property I can do some research and let you know also I think you will get better answers in finance fourm! So I will move this there you will still have a link here! Robb
Don’t leave it up to the buyer to get their financing. Find a mortgage broker/lender that has a loan plan that does not require seasoning and suggest that they use them to close the loan. While you’re looking, find a loan or three that will lend to low credit scores as well, so you can increase your buyer pool.
If they prefer to go with their lender, then you need to let them know that there may be a seasoning issue and your lender/broker has loans available where that is not a problem.
Another note here: In most cases, seasoning only becomes an issue with buyers that have less than “A” credit.
Most “A” Lender’s do not have seasoning issues. So if your clients have good credit they will not have any problems.
There are several Sub Prime Lender’s who do not take issue with seasoning.
If you are having a difficult time locating them, let me know.
I have an inside track on an REO. I’m running into the typical problem with ‘seasoning’ (I too want to do a double closing (cash-out refi)) but have struck out finding a willing lender.
If I find a way that I can turn this property using cash on hand, would not my buyer end up in the same seasoning boat?
Everyone talks about lenders all over the place who don’t care about title seasoning. Are there any in Colorado?
Everyone talks about lenders all over the place who don't care about title seasoning. Are there any in Colorado?
Sure! Several A and Several B Paper