I've heard of this all too often.
You have a A to B to C closing all lined up.
You (or hopefully your negotiator) has finally made it through the voice mail hell with B of A. And your gross profit spread is solid and definetly worth your time.
And then it happens. You begin to read the approval letter.
AWESOME! You think as you notice the deficiency judgment
is waived and some of the concessions you've asked for got
approved. And then you see it. As plain as day.
Item #10: "There are to be no transfers of property within
30 days of the closing of this transaction."
Hmm. Ok, you think. Let's forget about this purchase and move onto the next one, because you don't have the capital to hold it for 30 days or more.
The next day you come into the office and think...forget those Bank of America stiffs. Here's another purchase agreement from ASC. I'll get busy on that one. And then guess what happens?
The approval letter comes. And it says
"If the closing agent has any knowledge of any sale or transfer of property within 30 days of this transaction, closing agent must immediately notify lender prior to closing, funding, and/or recording."
“Damn”. Twice in one week!
Then you decide to finish up some of the purchase flips you've been working on, and you're excited to know that Wells Fargo recently relaxed its guidelines to allow financing for "C" buyers.
But then you read their guidelines and it sticks out like a sore thumb:
"Seller must be in title to the subject property."
Oh, that means same day deals can't happen, because at the time of underwriting you, the B investor, aren't on title.
Forget Wells Fargo you scream ...
The next day you wake up and think ... forget those stiffs at Wells Fargo, it is time for FHA. After all, these short sale gurus blew up your inbox with the good news that FHA 90 day seasoning had become a thing of the past.
Until you read the guidelines ... which state that the lender is required to assess, as one of the conditions of the 90 day waiver,whether:
"The seller holds title to the property."
Same day flips can't happen with FHA either.
It looks like there has to be a better way, right?
Well, there is...but only for a select few investors and there brokers!!
“Its called buying the properties in bulk from us!
No more Hasssles, guidelines, hoops or wasted time.
So "Qualify" your buyers "Proof Up" the funds and "contact us" today to get your future in bulk purchasing rolling today!