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Updated over 7 years ago,
Selling a home immediately upon purchase - seasoning, wholesaling
Can anyone assist with mortgage bankers or brokers in GA who can loan on a property that has not been seasoned at all. Here is the situation: I am purchasing a property on May 1 that I had every intention on flipping. Good numbers, great school district, East Cobb, GA. Highly desirable. Now, a family member saw the property and wants to buy it from me at a premium (I am of course getting it under value). We are doing a purchase sale contract for May 1. I am not doing any work on the property -- essentially just wholesaling what I've purchased. The home is in good, livable condition, just not updated. The price that the family member is paying is still under value. The family member needs to get a mortgage though. Good credit, income, etc. The problem is the seasoning. Also, I can't seller finance because I am paying cash and need my money out.
Any ideas, suggestions on getting this deal done?