Sub To Deal .......Seasoning Question
I have an opportunity to purchase a home Sub to. The catch is that I want to keep the home for myself and use as rental property. How long does the loan have to remain in the sellers name before I can refinance. There is actually about 100,00.00 worth of equity in the property. I look forward to hearing from you.
Thanks JL. I am from MARYLAND and the property value is roughly 350,000.
Just an FYI ......... the property is in California.
Greetings Wayneone,
As indicated in the other response, there are lenders out there that don’t require any title seasoning. However, a lot depends on your financial situation as to what can be done - as every lender has their own criteria. How hard it will be can also depend on if you’re looking to pull cash out, or just want to do rate and term. Either way, it’s definitely a doable deal.
I just refied a subto deal 1 month after I bought it.
Getting the deed would be 100 times better. That way you can just sell it after rehab without worrying if the seller is going to come though. [ Edited by theREIkid on Date 05/26/2005 ]
Besides buying subject to starts the seansoning process.
And youre not violating any DRE regualtions of selling a home that you dont own without being a licensee
I agree, this website is pretty cool. Good Luck with your RE investing!