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SD Realtor
ParticipantNo it is not true.
The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.
You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.
Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.
ParticipantNo it is not true.
The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.
You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.
Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.
ParticipantNo it is not true.
The complexities of selling investment owned property that has not seasoned yet are that many lenders will not underwrite them. To date it is not necessarly a FNMA guideline that a property be seasoned for 90 days before an offer can be WRITTEN, but many lenders overlay their own standards and this is one of them.
You can go through some lenders such as SDCCU and perhaps even BofA to see if they will offer you conventional financing for the purchase. If they do not I have a few contacts who we have used to sell our properties that we bought at trustee sale because the buyers own agents couldn’t figure out how to get this done.
Your agent, or shall I say it sounds as if you are working with the listing agent directly should have been able to help you with this.
ParticipantMany people misunderstood the tax obligations with short sales. If you read the debt relief act the rules were still pretty stringent but relief is/was available as long as you didn’t cash out and blow the money on non home related items. I have not read the new stuff enough to make an informed statement on the tax liability.
The biggest thing in my book is having a PRE approved price before the short sale. I don’t see how the service orgs can pull that off. I will be amazed if it works.
ParticipantMany people misunderstood the tax obligations with short sales. If you read the debt relief act the rules were still pretty stringent but relief is/was available as long as you didn’t cash out and blow the money on non home related items. I have not read the new stuff enough to make an informed statement on the tax liability.
The biggest thing in my book is having a PRE approved price before the short sale. I don’t see how the service orgs can pull that off. I will be amazed if it works.
ParticipantMany people misunderstood the tax obligations with short sales. If you read the debt relief act the rules were still pretty stringent but relief is/was available as long as you didn’t cash out and blow the money on non home related items. I have not read the new stuff enough to make an informed statement on the tax liability.
The biggest thing in my book is having a PRE approved price before the short sale. I don’t see how the service orgs can pull that off. I will be amazed if it works.
ParticipantMany people misunderstood the tax obligations with short sales. If you read the debt relief act the rules were still pretty stringent but relief is/was available as long as you didn’t cash out and blow the money on non home related items. I have not read the new stuff enough to make an informed statement on the tax liability.
The biggest thing in my book is having a PRE approved price before the short sale. I don’t see how the service orgs can pull that off. I will be amazed if it works.
ParticipantMany people misunderstood the tax obligations with short sales. If you read the debt relief act the rules were still pretty stringent but relief is/was available as long as you didn’t cash out and blow the money on non home related items. I have not read the new stuff enough to make an informed statement on the tax liability.
The biggest thing in my book is having a PRE approved price before the short sale. I don’t see how the service orgs can pull that off. I will be amazed if it works.
ParticipantYep me to however it will be interesting to see what happens come April. Have you seen the FNMA or Freddie guidelines yet?
ParticipantYep me to however it will be interesting to see what happens come April. Have you seen the FNMA or Freddie guidelines yet?
ParticipantYep me to however it will be interesting to see what happens come April. Have you seen the FNMA or Freddie guidelines yet?
ParticipantYep me to however it will be interesting to see what happens come April. Have you seen the FNMA or Freddie guidelines yet?
ParticipantYep me to however it will be interesting to see what happens come April. Have you seen the FNMA or Freddie guidelines yet?
Participantjeeman you did fine. I think you will be happy there.
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