I’ve read the regulations over and over and all I see is something that is supposed to help poor people like me – is actually doing more harm to us.
Messy escrow situation on a short sale. For some reason still unknown, the seller changed his title to an LLC in January then back to himself in April. He started his short sale in Jan so it may have been a transfer to a short sale company? Not sure…We were told that we can’t even begin escrow (yet my check has been cashed) until 7/23 due to title seasoning. We’ve already paid $820 for inspection & appraisal and are ready to close.
In short, I have two questions for you:
1) Can a waiver be granted to a purchase on a short sale property if the title change was not a change in ownership but merely just a change from himself to an LLC and then back to himself again?
2) If this short sale transaction falls apart due to the title seasoning, we want to pursuer REO properties. Can we do this even though the REO waiver expired on 6/9/09?
FYI – when all of our friends were buying 600k homes in Murrieta – we sat back & rented knowing damn well it was stupid.
Should we wait even longer for a conventional instead of FHA?
