Cant Finance Short Sale To My End User
i got a bank to take 28k instead of 81k owed to them. the tav is 53k after repair value is 81k the people renting the home will be buying it. she has scores of 600. i can close with hard money to pay the 28k. but i have a seasoning issue selling it to the renters at 81k. the previous owner paid 77k 9 mos ago. i have trustee deed and home is in land trust. can anybody give me advice thanks dieter 
[ Edited by dieter on Date 09/14/2003 ]
I would need more info... but if you paid cash for property... you have no seasoning issue I see...
If you do... lease purchase to buyer for one / problem solved!
Unless your buyer was seeking an FHA insured PMM, I'm not sure why 'seasoning' would be an issue.
If you intend on continuing the practice of buying for cash then flipping in such a short timeframe, you should probably have a cooperative lender in place and direct your Buyers to that lender.
the seasoning issue i have is that i am not on title for a long time only 1 day. most lenders want 6-12 months title seasoning before they would finance off the appraised value otherwise they will go off the purchase price. even if i pay cash i see it as a problem. any idea what lenders would allow a non seasoned title flip