All Forum Posts by: Brett K.

I'm representing a seller who just remodeled a property.  He purchased it in Dec. 2016 but the deed wasn't recorded until about 30 days later.

The underwriter wants us to rewrite the contract with a new date, get a second appraisal at my clients (seller) expense, and postpone the closing. 

The underwriter states 90 days must pass from the time the deed was recorded from when my client (investor) purchased the property for the property to be eligible for the buyer to use FHA financing.

According to FHA guidelines, on page 146 (per HUD Handbook 4000.1 dated 12/30/16) it states it is from the time of "acquisition".   The deed clearly states the date of acquisition is more than 90 days ago but if you go on the local PVA website it shows the sale date is within 90 days because they use the date the PVA was updated.... not the date of the deed.

So I'm in a pissing match trying to get this thing to close without delay and avoid my seller having to pay another $400+ appraisal fee.

Have they issued a new guideline since Dec. 2016?

In practice do they use the date of recording even though the guidelines state date of acquisition?

Practical insight appreciated.

Thanks,

The underwriter wants to make us rewrite the contract, get a second appraisal at my clients (seller) expense, and postpone the closing.  The underwriter states 90 days must pass from the time the deed was recorded, from when my client (investor) purchased the property, and the date the purchase contract was signed.  

According to FHA guidelines, on page 146 (per HUD Handbook 4000.1 dated 12/30/16) it states it is from the time of "acquisition". Due to about a 2 week delay from the date of the deed to the time it is recorded.

So I'm in a pissing match trying to get this thing to close without delay and avoid my seller having to pay another $400+ appraisal fee.

Have they issued a new guideline since Dec. 2016?  

In practice do they use the date of recording even though the guidelines state date of acquisition?   

Practical insight appreciated.  

Thanks,

Thanks to everyone for supporting the group.  We have 21 scheduled to come tonight.  It's a smaller than usual turnout but more than adequate to get some serious networking done.  

I'm hosting a networking event for investors in the area.  There will be a 'speed networking' segment so bring your business cards and brush up on your elevator pitch.   You'll have a chance to pitch your deals at the end of the meeting.  Experienced and new investors are welcome.   Hope to see you there.  

Just a reminder that the meetup is this Wednesday, not Thursday.  

I booked John Zeydel to speak at this meeting.  He will be giving us pointers on accountability groups as well as other insights.  

Professionally he is a business/executive coach and strategist for professional thinking.  He is a professional speaker and motivator who focuses on discipline in all areas of our lives.  

He is also an entrepreneur and founder of Arkham Executive and is a partner with Yes Louisville (google it).

Personally he is involved in the community, runs a networking group that has been in existence over 16 years, has a family, is a 3rd degree black belt, and will competing in this years Louisville Iron Man.  

Thank you Clay.  

At this meetup you can join an accountability groups/partners if you are interested.  Accountability partners increase the likelihood of success by 33% to 50% or more.

You will be able to partner with someone to help you strategize and stay on course for 2017.

We will discuss where some of the best rental and flip neighborhoods are and where they are headed.

Pitch your deals to the group and share your wants and needs.

P.S.  If you aren't interested in an accountability partner you can come at 7:40 PM.  

@Major Robertson  hope to see you there!

Accountability groups/partners increase the likelihood of success by 33% or more.

We will be forming accountability groups. You will be able to partner with someone locally or out of town (via phone/video/email etc.) to help you strategize and stay on course for 2017.

We will also discuss where some of the best rental and flip neighborhoods have been and where they are headed.

Pitch your deals to the group and share your wants and needs.

Accountability groups/partners increase the likelihood of success by 33% or more.

We will be forming accountability groups.  You will be able to partner with someone locally or out of town (via phone/video/email etc.) to help you strategize and stay on course for 2017.

We will also discuss where some of the best rental and flip neighborhoods have been and where they are headed.

Pitch your deals to the group and share your wants and needs.