All Forum Posts by: Daniel G.

HI Drenda,

This is only for FNMA. I havent dealt with Freddie Mac yet.
REOs from other banks you wont have those restrictions....

NO seasoning on there side, but you have the 120% rule or 90 days with FNMA...

HI Moe, thanks and your welcome!
We just want to make this thing as smooth as possible, understanding there are going to be some gliches, but we are ready for it.

Much success to you as well!!! :cool:

Much success on this deal! Let us know what happens...
I am sure they will waive the deed restriction.

Why would you even try to sell to an FHA buyer within your 90 day period. Just flip it to a cash buyer as a double close.

Yes, the deed restriction is 90 days, but you can still sell as long as you are 120% of your purchase price. So why not flip a few to some cash buyers!

My 2 cents! =)

HI Moe! I absolutely have no problems you asking...
I am specifically double closing. No land trust for me, LLC's or simuls. I just look to do the double close w/ trans funding.

For me personally, I find it easier. But thats just me. Plus, I love the excitement and rush of having my contracts accepted and finding the buyer b4 my inspection period ends. We generally have the buyer lined up for the property which makes it easier, but still a rush!

I have partnered with another investor that I have known for some time to find me the buyers, another good friend of mine in Utah who funds my deals w/ a sweet 1.5%, and my dad to give me escrow checks while I give him a sweet ROI.

So NO $$$ out of my pocket. Literally! Okay maybe a few bucks for marketing materials and gas...

We havent closed yet. Still waiting on the approval of the contract. I know it will go through as there are no other contracts on it, plus I told the agent she can take the full commission on the deal. She became my best friend after I mentioned that to her!

I will keep you posted on any headaches that come along with the way with this, but I am not expecting any. Seems like a clean break. Not sure if this applies to HUD properties, I dont deal with those...

I will see what happens with that request. If it goes through, then I know the next ones with her or anyone else will be easier to deal with. If not, I know how to play the game with them!

I will keep you posted as to what happens... :wink:

So we have a REO Fannie Mae under contract for $45k and flipping for $54k. Buyer is under contract and we are doing a double close. Should close in less than 30 days! $9k profit - I find property and partner finds buyer, 2 hours of work!

Okay heres the info for FM REO:

I spoke with the REO agent and she gave me deep insight on Fannie Mae's requirements. She mentioned that you can't resell property after 90 days, unless you stay within a 120% resell range.

For Example:

Purchase REO at $40k x 120% = $48,000 = $8k profit!
Anything over 120% you hold for 90 days.

Now go out, make more money and let 'em rip on the Fannie Mae REO's...hope this helps! :mrgreen:

Met with my attorney yesterday and he basically revised my addendum to make it very easy since the FL contracts had some of the contingencies in there already.

Now we have a REO tied up and an end buyer under contract. AND its a fannie mae...still can double close on this!