what the heck.. (edited)

General Real Estate Investing
1

OK here we go…

I talked to a local mortgage broker today trying to find a couple to send tenant/buyers to, when the need finally arises. Anyway, I explained what I was wanting to accomplish using sandwich leases and, well, long and short of it was he told me that sandwich lease options/purchases are ILLEGAL. Now from everything I have been reading and learning I for right now have to say bull$hit. He stated something to the effect that Fannie and Freddie are requiring ownership for two years ( 2 YR SEASONING!) and that effective May 1st 2009 essentially appraisals on Fannie/Freddie backed purchases were going to be anonymous and final (NO APPEAL PROCESS on a lousy appraisal!) Can somebody please explain to me if I am misunderstanding something, because right now I am trying to figure out how in the hell I’m going to be able to wholesale or lease option properties? I am mad as hell right now and really hating this travesty we are currently calling the US Gov’t. Somebody please clarify or tell me I have good reason to be pissed.

2

Does that mean “where’s the fish”? You explained to much to him. Get another broker. Herbster

3

[quote author=herbster link=topic=42726.msg202274#msg202274 date=1241058145]
Does that mean “where’s the fish”?[/qoute]

:lol :rolleyes :lol

Your probably right. I was just trying to explain an example scenario. The guy has been a small town broker for over 20 years and still has his lights on even when most other small town brokers have shut down. He has a strong reputation locally, but that doesn’t mean he is investor friendly.

4

SLO’s aren’t illegal but they are risky to do.