How Do I Help Someone Get A House?
I have a customer with a 110,000 pre-approved loan. He wants me to find him a house. If i get a property under contract and sell it to him will this work . How do I get around the FHA seasoning thing ,make money , and get this person a house to live in?
I am a mortgage broker, and I don't think that sort of a deal will fly FHA. They adn mortgage lenders in general have rules designed to prevent you from making quick money.
I think your best best may be buying an option from the seller and selling that option to the buyer. The buyer would have to have a compelling reason to pay you money, such as he is getting a good deal on the price.
Example:
Market value is $100,000
You pay $100 to the seller for the option and right of first refusal to to buy his property for $85,000. You sell that option and right of first refusal to the buyer for $2,000.
Now the buyer. can present the option to seller and buy the house for $85,000.
You don't have to worry about seasoning issues, double closings, and mortgage loans and make a huge profit for a short time investment.
Just a tought!