Posted by MikeW on April 03, 2004 at 01:15:57:
Seasoning issues come up with FHA/govt type loans. Your deal is with a ‘high end home’. There should be NO seasoning problem because there is no new loan to season.
How is your option secured? Is it recorded? Did you get title insurance?
Also, why are you talking to a lender? If your plans include selling to a retail buyer, just assign your option to the buyer at close of escrow.
MikeW
Las Vegas
Option - Posted by Mike
Posted by Mike on April 02, 2004 at 22:31:24:
I have secured an option to purchase a high end home thru an ‘option to purchase’. There is a decent spread between the option price and the FMV. After talking with a lender today…I am not sure how I can profit from this deal because of seasoning/unscrupulous investor headlines. My original plan was to sell to a retail buyer and do a double close…but that doesn’t seem possible in these turbulent times bcuz of seasoning. My only other option would be to assign the option to a retail buyer (with this profit). Any thoughts?