"And or Assigns" contracts

[Kelton Brunt]

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I am an investor in Texas and would like to know if lenders would accept a sales contract that has the language "And or Assigns". Does this language in the sales contract fall under the category "title seasoning", whereby you have to own the property for at least 90 days. Has anyone used this strategy successfully for FHA lenders. If so, could you share your experience.

Thanks

[Wayne Brooks]

You guys are missing the point.....FHA denies financing for properties less than 90 days from a prior sale. The lender is likely using the "seasoning" term loosely.....if one is assigning, there is no "title transfer" in the middle. However, FHA won't finance any "assignment fees", and a double close is out of the question.