A Wholesaler has recently purchased a home he was trying to sell for quite sometime, but decided to purchase since he couldn’t find anyone. I know have located a buyer for the property…What issues will I run into since he just purchased the place last week and now I have a buyer? Is it the loan officer and their company who have title seasoning requirements or is it the actual banks that they go through that have the issues?
Any way to avoid this other than using a trust?
Thanks in advance.
I don’t quite understand what your situation is because you say you purchased it but then you say that he purchased it last week.
It completely depends on what type of financing that your buyer is using. Some types of financing don’t require seasoning while others do.
I have not purchased…I am a wholesaler.
The wholesaler whom I was trying to find a buyer for, just purchased the place last week. I NOW have found a buyer for him…my buyer will be using traditional financing.
The only one that would have an issue with seasoning would be your end buyer’s lender. It would be best to disclose everything to your buyer’s lender and find out upfront, if seasoning would be an issue. The lender can speak with their underwriter and tell you in a matter of days if their would be a problem.
If so, have your buyer find another lender. I don’t believe seasoning is a requirement with Bank of America. Hope this helps!