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Updated over 5 years ago,

User Stats

7
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0
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Blake Lambert
  • Specialist
  • Bastrop, TX
0
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7
Posts

FHA Title Seasoning Bites Hard In The Rear

Blake Lambert
  • Specialist
  • Bastrop, TX
Posted

Learned a hard lesson I wanted to share with the community. I'm sure some are aware of this, but for those of you who are not, take note, this WILL save you. 

So today is Friday. We are supposed to close on a flip Monday. Get a call from our agent, can't close on Monday because the buyer has FHA funding and FHA requires a 90 day Title Seasoning. This means they will not fund a property that has a deed that is newly transferred within 90 days. Bottom line we have to wait 45 more days, plus 2 more weeks for underwriting. Title dropped the ball, and we learned from the school of hard knocks.

Hope this helps someone  in the future.

Blake Lambert

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