Hear ye, everyone that is interested in purchasing a home in 2009. Your seller must hold title for 90 days. There is no way around this requirement UNLESS the seller is a bank.It seems that every other week, those of us in Mortgage Land, we run into this situation.
Agents, check the date of sale on the property that you are showing your FHA borrower (and by the way that's almost everyone). Also, make sure you date your contracts appropriately.
Let this be a warning to flippers. You must find a buyer who can go Conventional. And here's another small notice--oftentimes, lenders want 2 appraisals, especially if there is a big price difference between what you purchased the home for and what you're now trying to sell if for.
1 comment:
It was disturbing to hear over the weekend from an agent who just had a closing on Friday that the (unnamed reputable) closing attorney was HOLDING title on the first investor purchase prior and recording 91+ days AFTER the closing with the "real" buyer. She did right thing and reported immediately after the closing his business practices. Luckily her client was a Conventional loan client. Amazing he even discussed this practice with her at the closing table.
Post a Comment