seasoning

Foreclosures, Short Sales, Tax Foreclosures
1

Are there any ways around the seasoning issues? Other than using a local bank or credit union. Someone mentioned a land trust?

2

Are you talking about the new Title seasoning that is popping up now? You may have to go and visit a few banks and see if there are any title seasoning restrictions with them. If there are not you may want to encourage your buyers to use them for their financing.

3

There are ways around seasoning with certain funding, if you are talking about flipping short sales.

4

There is no way around the seasoning issue if the buyer is getting an FHA loan, but I have not had any problems with conventional loans.

5

Seasoning with conventional loans will all depend on the investor that is going to be buying the loan. The underwriter will have to underwrite the loan according to the guidelines that the investor has set. Most underwriters follow Fannie Mae underwriting guidelines because they are the largest buyer of loans in the secondary market. Right now you shouldn’t have a problem with conventional, but that may change.

6

James082, do you know of any lenders that do NOT have a issue with seasoning? Thanks

7

from a post just a few posts down.

Successfully Closed Back-to-Back Closings
End Buyer’s Lenders List

Wachovia
Key Bank
Tower Federal Credit Union, Pennsylvania
Wells Fargo
Equity Home Mortgage
SunTrust Mortgage
Contour Mortgage Corp.
Countrywide Mortgage
Flagstar
First Interstate Financial
Third Federal
Home Savings
Provident
Chase Bank
GMAC

8

The way you get around seasoning is have a buyer that is putting a large amount down or paying cash.

9

Interesting.

I have a short sale deal in the works where I will need to use transactional funding, therefore I know I can’t have an FHA end buyer, or a buyer that has a lender that requires title seasoning. Should I put something in the MLS listing that states that I cannot sell this property to a buyer who is using FHA, or financing that requires title seasoning? I’d rather they know this up front. Would I be violating any kind of fair housing laws or whatever if I do that?