There is a deal I am contemplating. The seller wants $78K cash, the house appraises for $140k, but the title has 6 months of seasoning. What would you do?
Seasoning is the amount of time the current owner has held title to the property. it is becoming increasingly difflicult to flip a deal because some lenders have a 6-12 month "seasoning rule".
There are more lenders that don't require seasoning than lenders that do.
If you are paying cash, why worry about the seasoning?
Does the house need work?
If so, how much?
If not is the area increasing in value?
Do you see the value going up?
Are you selling the house or keeping the house?
Based on your information it seems like a winwin situation.
What do you mean 6 months of seasoning exactly?
Seasoning is the amount of time the current owner has held title to the property. it is becoming increasingly difflicult to flip a deal because some lenders have a 6-12 month "seasoning rule".
There are more lenders that don't require seasoning than lenders that do.
If you are paying cash, why worry about the seasoning?
Does the house need work?
If so, how much?
If not is the area increasing in value?
Do you see the value going up?
Are you selling the house or keeping the house?
Based on your information it seems like a winwin situation.
Lori
[addsig]
kimmyjack,
Based on the little you wrote, I would say buy the property. You do need to consider a lot more details but you did not indicate anything so...
As to the seasoning...You can find a way to do this deal with that much equity.
If you need some specific ideas send me a PM.
John