All Forum Posts by: Sharetha H.

I agree Alicia Horton . Thanks Lee Scarlett .

Lee Scarlett 120 days to rehab + sell it.

Ron T. Thanks so much! These are definitely valid points to consider! Thanks again.

I'm so glad I asked this question here before putting out $1 in this transaction. :) Hopefully if we are able to get added to the title, by the time we renovate and get it on the market, there won't be any issues with seasoning. J Scott Jay Hinrichs

Jay Hinrichs I will look into that--thanks!

Thank you J Scott . I will go that route.

J Scott Thanks! Yeah...I didn't realize that conventional loans were govt-backed. And yes, I was planning to use the end buyer's funds to close. Phooey. Do you have any ideas on how I could possibly make this work? With no money (only enough for the rehab portion) and no credit...lol.

Forgot to tag you in my response above Jay Hinrichs .

Thanks for all the advice J Scott Maricela Chavez . Definitely some details we need to work out. The end buyer would likely be getting a loan. I presumed that they'd be able to buy it from me if I do the double closing (meaning I would technically own it the same day I sold it to the end buyer). I'm familiar with seasoning requirements on government-backed loans, but not for conventional loans. Also, my partner and I are not able to purchase the property outright from my friend at all. My friend already owns the property and has a loan and just has agreed to sell it to us at a specified price.

Ralph R. With the option, my friend would HAVE to sell it to me, but we don't HAVE to buy it (but we would because we're putting the money into the rehab). If the market value is lower after we rehab it, then my partner and I would take the loss (but still buy the house from my friend). Of course I am not anticipating a loss in the transaction, though.