Currently been trying to sell a property that I bought three months ago and fixed up. First thing the realtor told me it is very hard to flip property within one year (property in Texas). My banker told me the same; out of his whole line of banks only one will finance buyer to avoid flipping.
Can somebody shine his light on this; am confused because apparantly everybody flips within weeks / months or even days.
Howdy Frido 1:
Look for another mortgage broker. Seasoning is a big issue with some lenders but there are tons that will do the deal without seasoning issues. Even with lenders who take seasoning into consideration they can overcome it with receipts etc to show why the increased value. It is to overcome crooked flips between crooks with phony appraisals etc. There were rings of investors making millions buying and flipping and borrowing and never repaying.