Posted by GMann on May 26, 2003 at 11:01:53:
Statedloans.com offers sub prime products on flips and simultaneous closings. I have never dealt with them but the at least have the products that fit your scenario.
Another option, if your borrower is non-conforming, is use the Fannie Mae expanded programs. It allows derog. credit and doesn’t require ownership seasoning.
Short Sale help… - Posted by Steve
Posted by Steve on May 25, 2003 at 20:34:37:
Can anyone help me with a short sale? I am working on my 1st deal and have made an offer with all necessary documents to Countrywide Mortgage. My question is how do I make the profit without the new lender having an issue with it.I know many people will say the lender should not have an issue with it, but it has been my experience as an investor and mortgage broker that they always do. In other words, I will be able to purchase the home for 70k and I already have a buyer set up at 115k. The new buyer needs a purchase and sales agreement for his lender. Ques 1: who signs the sales contract as seller? If I sign it as seller, the new lender will see the deed is not in my name. Most of these subprime lenders do not want anything to do with assignments or deals that do not have 12 months of title with the seller. Question 2: If The real owner signs the sales contract with them for 115k, how do I get the difference of 45k? Any clarity on how to do this would be greatly appreciated. Thanks in advance!!