Will There Be A Problem With Seasoning
I have a property(FSBO) under contract for 126K. This is a newbie selling his house way below market way which is actually 170K(based on my research). The seller, 23 years old, owned and lived in the house for 2 years. Now he wants to sell it as he wants to make some money. He stands to make around 15K if I buy it from him for 126K. The house in in great condition and I don't see anything visibly wrong with the house. The home inspection report came out to be decent. This is a case of an ingnorant seller who is unaware of the market.
My plan is to close on the property and sell it back using a realtor for maybe around 160K. I could do some cosmetic work (new coat of paint). Will I have any problems with seasoning since I will be holding the property for less than 3 months? I don't want to wholesale on this deal because I fear the seller will become aware of this and increase his price. Any advice? Thanks
Not all lenders care about seasoning as long as there are comps to support the deal.