Season Of Property For Quick Sale
I am a beginning investor and we have had a hard time with lenders wanting 6 months to a year of titled owner before we can sell. We have had to get Power of Attorney and place liens on the property just to get paid. I live in Indiana and I need a better more efficient way! Please Help!
You need a better mortgage broker!!! There are quite a few lenders that do not require seasoning. Washington Mutual being just one.
I agree with maw...washington mutual is doing some good things regarding seasoning issues. Also, Bank of America, has looser seasoning requirements. I just took out a HELOC with them and had the property in my name only for a matter of days.
Check around there are good lenders out there that will help you. Get to know a Wash Mutual or BOA mortgage officer and let them know what you are all about. Then when you have a property and a prospective buyer have the buyer go talk to the mortgage officer and "wa la"--done deal! If they know you will be possibly referring them loans they'll be very helpful. It is a win-win situation.
Good luck,
PD