All Forum Posts by: John Baskin

Does anyone know, with certainty, whether HUD home investors can also pay a fee to extend the closing date from 30 days to 45 days like the owner-occupants are allowed to do?? thanks

Not the answer I was hoping for, Wayne. But I appreciate it your information nonetheless. Any tips on how I can keep this buyer at bay for another 22 days? This FHA rule really sucks!

Hi Gang,

Does anyone know as to whether a house cannot 'CLOSE" until after the 90 day seasoning is up, or whether a Purchase and Sale agreement cannot even be signed before the 90s is up. I am going to be made an offer tomorrow by an FHA buyer and I still have 22 days left until my 90 days expires. What can/should I do to keep this buyer interested and when is the earliest I could at least sign the contract and let her arrange for FHA appraisal.....and then actually close after the 90 days? In simpler terms, do I have to wait the full 90 days before I can accept the offer and before she can begin the process---or does it only mean she cannot close on the property until the end of the FHA seasoning? Please help...

While I understand that that when dealing with an FHA Buyer, I must hold title to the property for 90 before selling it, my question is if the property has to be held for 90 before the property can close, or before the property can even be appraised by FHA? In other words I have a property that I have been made a "final and best" CASH offer at $108K (which would net me a paltry $3K. However, I also have been told by a realtor that tomorrow I will be made an offer (likely significantly closer to my $120K asking price) but will be an FHA loan. The rub is that my 90 day waiting period that I must hold title to the property does not expire until August 2nd---24 days from now and I don't know what to do. Behind curtain #1 is a 3K profit with a cash buyer scheduled to close on the 28th, or the possibility of $10-13K profit from this FHA buyer---but I run the risk that she bails, FHA doesn't appraise the house for the $118-$120K that I am asking, or she backs out.

The most important question I'm asking again is whether the FHA buyer could still get the FHA loan assuming we don't CLOSE until after the 90 day holding period, or whether it means that we cannot even begin the appraisal and docs until after the 90 days? Please advise...thanks!

I signed up yesterday with Investor Carrot and could really use some guidance as far as redirecting the website domain (www.northtexaswholesalehomes.com) from Freedomsoft to Investor Carrot. Can anyone give me any advice on how to do this? All I know is that TLD Registrar Solutions (who don't offer phone support) are the ones who host my site.

Thank you, everyone. You've all made excellent points. @Bill, if I can get this guy to get the 3% conventional loan that Ali mentioned, I could sell it to the guy for $119K---only $900 off my list with only about 3 months of holding costs (would have been less if my contractor didn't take TWICE as long as he promised.) After Buyer's Agent fees, I would make a little over $15K. However, my holding costs are about $1k a month---AND this FHA rule has blocked me from selling it to my largest pool of buyers---FHA for another 6 weeks. At $1K a month holding costs, not sure if its smarter to drop the price for a faster sale (hopefully reducing the $1k a month holding costs), or whether I should leave the price alone and keep paying the holding costs. Unfortunately, most of the buyers in this area will be FHA, or they will want to rent. I purposely have not requested reimbursement form my hard money lender on the $9K in rehab that I put on my credit card (since I have 0% interest on my card---compared to 13% interest with the hard money lender. While I am saving roughly $100 a month in additional interest, the $9 k on my credit report, despite all of my bills being paid on time, has brought down my credit score dramatically---making it more difficult to qualify for a refinance. @L'Oreal---I am located in Frisco, but my subject property is near Grand Prairie and Cedar Hill in SW DFW. If you have any potential conventional or cash buyers in that area (or know someone who does), I have budgeted 3% for a buyer's agent commission (which can easily be converted to a "referral fee" to you, if you are not a licensed agent.)

I'm most interested in knowing whether renting it to the buyer until the FHA period expires is a viable option?

What kind of effects? Wouldn't that bring in new buyers? My holding costs are about $1000 a month, and if I have priced too high, what are my alternatives?

I'm involved in my first flip --I purchased it on May 4th and finished re-habbing a couple of weeks ago. Having received a pre-approved offer at nearly list price (FHA), I was informed by the buyer's realtor that the offer would have to be retracted since I had not owned the property for 90 days yet. Can someone explain how this works, if there is any strategy or work-around? Is renting it for the next six weeks to this FHA buyer and having him purchase it after the 90 wait period a viable strategy? This first flip has been nothing but aggravation from the start with my former listing agent (now I'm licensed and listing it) giving me bad info, to my contractor taking twice as long to complete the job to THIS. I have a hard money loan out on this property at 13% and don't know whether to drop the price to pull-in a bigger pool of buyers and hopefully sell it sooner---thus paying off my loan sooner. Or whether I should be patient (its only been on the market for 2 1/2 weeks), leave the price alone. Very frustrating and depressed. Any advice or words of encouragement would be greatly appreciated.

I bought it as a foreclosure from a wholesaler for $83K----put $10K into it for rehab and asking $119,900 (arguably a rich number...but not so rich that it prevented me from getting offer in two weeks)---if I didn't have to deal with this FHA non-sense. Main question is if its logical to try and lease it to the buyer for 6 weeks (until the 90 day FHA requirement passes) and proceed as before.

David,

I am a wholesaler in Dallas and would love to bring you deeply discounted opportunities in the Dallas/Ft. Worth area. Text me your phone number or visit my website and fill out a profile of what you look for.

John Baskin  (817) 500-0790

northtexaswholesalehomes.com