Title Seasoning

Title Seasoning is a big issue for us lately. Im wondering how this can be avoided? Will a double closing work since the title search was done before the 1st closing? Will the attorney have regulations to prevent him from closing the deal? Can the bank come back after the closing and start problems?

Also … if you get the deed before the short sale. I assume the 1st closing on the double closing is only a transfer of money?

Typically seasoning is an issue of the borrowers credit worthiness. Youll hear all kinds of ways around the issue… Some will say use a trust, some say sell the contract. Personally I just use a title company that does concurrent closes and have seasoning letters for the lender. At times you may be a line item in the seller/buyer one escrow transaction. The buyers lender typically will let you know if there is an issue.

as for the bank as long as there isnt fraud you should be fine…

Again there are all kinds of ways to skin this one… Just go get the contract…

Michael Quarles

Hmmm … seasoning letters to the lender. How does this work? What do these letters say? Can any title company do this? I’ve got very flexible company that will work with me as long as everything is legit. Perhaps I can call you folks and ask them how it works … would that be okay. If so, please e-mail me. Thanks, Juliet!

I am also curious about these seasoning letters for the title company? The issue seems to be if the end buyer will have any issues with obtaining a loan due to the seasoning issues. How does the seasoning issue work when the home is an a trust?