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Randal, this thread wasn worth bringing back to life.
If you have a deal and you can not hold to satisfy seasoning and still make money. it is not a good deal.
So I am having a good time flipping short sales using my option agreement and suddenly I have my first lender throw a monkey wrench in my closing because of seasoning. Okay so I thought that dodging FHA like the plague was all that I needed to get around this seasoning issue. Does anyone have a method that works to get around lender seasoning. I have a buddy that uses a land trust but I am still looking into the legalities in doing this. Can a Short Sale Flip be successful with Land Trust in most states and why?
For back to back closings, doesn the A B transaction actually have to close before the B C transaction can close?
This is simple. I have watched and read many threads of people "trying" to find a way around seasoning. When you really only have a few of options:
Well, seasoning starts when the contract is recorded NOT when the option is excercised. So that may be a lack of knowledge on the title companies end. So, maybe you should deal with a title Co more in tune with how short sales work is my thought on the issue. An option contract is a binding agreement, and therefore is treated as such in regards to recording. An option is valid at recording and can cloud title at that time. The title company is looking at the option as being valid only when it is excercised on the B to C sale, and that is where the misunderstanding of seasoning requirements comes into play.
OK plug I can fund the transaction for your A to B via transactional funding "flash cash" (Nick already knows this). I
your making this up but you need to show some proof if what your saying is true. The FHA 90 day seasoning rule is pretty clear that it is "LEGAL OWNER". Recording the option does not make you legal Nike Sports Bra Images
10 short sales per month. Here is what he does.
SHORT SALE FLIP HELP
Is a simo close "illegal"? NO (at least not yet), but as Nick also pointed out, almost ALL title companies these days will not provide title insurance on the B to C, hence deal killer.
You have to remember the reason for the seasoning requirement which is to scrutinize deals that look like mortgage fraud (property bought at one price and sold at a higher price in a short time). Hope this helps.
well you not just misinformed. It not illegal, Title insurers are not insuring these transactions unless you know a guy in phoenix that knows a guy that will if the end buyer is a cash buyer but don be going all crazy asking for that title guys name b/c the guy who mentioned wont give it to you LOL!!!
If you have a good deal and you have to hold on the property to satisfy seasoning.
Simo closings were done via what is called dry funds where the B to C funds were used to close the A to B transaction. That is very hard to do these days as Nick pointed out. Most title companies require "wet funds" where you bring your own cash (or use "flash cash") to fund the A to B transaction and then the B to C closes on its own (named a double closing)
What?? 6 10 deals a month using option with no seasoning issues?? I not saying that Nike T Shirts Boys
owner. I fund these deals nationwide and can tell you that 6 10 short sale closings a month is very very impressive. He sets all these deals up as back to back closings? Please share with us if he truly is closing with no FHA seasoning problems using the option. That is HUGE!!!!!
Originally posted by Christopher Wolfe:I probably wrong, but I thought simo closings were actually illegal? I mean where you use the funds from the B C transaction to fund the A B transaction?
Wow Nick, if I was not confused before, I am certainly now! :)
anyways, I don know when that letter was put out, but the last thing I do is listen to anything that overrun by agents has to say.
My buddy Nathan Jurewicz closes anywhere from 6 to 10 short sale transactions a month and has gotten pretty good at them. He told me himself that this misunderstanding is an occurence frequently on many peoples deals. The title company and the mortgage company should be schooled on this so they can become aware of the fact that seasoning requirements are met starting at the time of recording of the contract rather than when the option contract is excercised.
some connections are better left private :wink:
How to get around seasoning is the question. Well, I have a pretty successful friend who closes 6 to Nike Leggings Basketball
If you read the statement by the title insurance company you notice they are talking about simo closes which is been known for a while that you cannot do(unless you know someone at a title company that still has a title insurer that will insure these) but I won go into that now.
Within the first few days a notice of option is recorded. I guessing you did that early on. So why is it still creating an issue.?? Well. it is simply because the title company doesn understand how the transaction works. They think a deed needs to have a name transfer. Since it is an option they think it does not count on the time clock as far as "seasoning" goes.
If they are still insisting on seasoning, one thing you can do would be to get a good RE attorney. This is where an attorney may be more valuable than a title company because they know all the legal avenues to push the deal through.
I heard many folks say the Land Trust is one way around them and then some say don use Land Trusts without knowing what you are doing because Lenders won Nike Aeroloft Parka Womens lend to a trust. Ask the requesting lender if they would drop the requirement if they did their own appraisal.
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