Hello.
I am trying to do double closing with FHA end buyer.
Since it is double closing, title is still with owner’s name n we only have equitable interest in the title. Their lender is asking for the vest change in the title to be my name before they releasing the docs for the closing. Please advise me. Help!!! :help :help
Hey there dont bother even attempting to do a double on an FHA deal. Its not worth it. THe investor must be on title day the FHA buyer contract is signed (meaning that they have alreayd closed). Even though they have removed seasoning requirements it’s only after the investor has closed the A to B. THis will die trust me. Regardless on what you hear out there, I never suggest attempting the FHA since it is so tough to come by. Its best when you have a lender without seasoning requirements and best bet is to line up 3 of them to have your back to back closings get financed. Our lenders all have no problem as long as the deals are done within compliance. Hope that helps. I have several other tips that I will be shooting out soon.
Thank you soo much.
However, all this time, i was dealing with cash buyers for my properties. This property is not for investors price. Only offers from FHA buyers. I know everyone says stay away from FHA but I had no choice.
If I closed a-b first and be on the title for a day n close next days with end buyer will work?
Title company is frind of mind n willing to support me what I want to do with this one.
Its possible but not real probable. The reason that its not is that most lenders have credit overlays that are tougher than the guidelines coming down from FHA. So even though FHA lifted the flipping restrictions, you must still find a lender willing to do an FHA loan that allows a short flipping time. Most lenders still follow the 90 day rules and beyond at times.
But I dont want to discourage you…I personally know they are out there, you just have to know where to look!!!