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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Seasoning issue Wells Fargo Posted by Lughead on April 28, 2009 at 0:54 AM In Reply to: Seasoning issue Wells Fargo posted by Jerry K on April 27, 2009 at 11:55 PM when did you buy it?? you wrote May 09 ... i know about the 90 days for FHA ... : Bought a condo in May 09 (Ventura County) for 117K flipped it for 152K and Docs : were supposed to be overnighted to escrow tomorrow. Get that dreaded phone call : from Wells Fargo Lender saying they are pulling the deal because of their 6 month : to 24 month holding period before being allowed to flip. I replied that #1 this deal : is 20% down not an FHA transaction and #2 it was disclosed upfront in the contract : that this property was just purchased at trustee's sale. The Wells Fargo Lender : Stated that it was an oversight and he will see if he can get an exception. By the way : the appraisal came in at 154K. The buyers have 37,500 in escrow and all of their : contingencies have been removed. I know I have several options on closing the deal : with either another lender or praying for an exception. : My main question is: Has anyone had a last minute seasoning requirement pop up : with Wells Fargo? Any advice of what can be presented to Wells to have them : continue with the deal? Or do I learn that at this time NO MORE Loans from Wells : Fargo in regards to Trustee Sale property? Follow Ups: Re: Seasoning issue Wells Fargo CAE 4:16 PM, 05/05/09 (0) Bought it March 2009 Jerry K 1:10 AM, 04/28/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : when did you buy it?? you wrote May 09 ... : i know about the 90 days for FHA ... : : Bought a condo in May 09 (Ventura County) for 117K flipped it for 152K and Docs : : were supposed to be overnighted to escrow tomorrow. Get that dreaded phone call : : from Wells Fargo Lender saying they are pulling the deal because of their 6 month : : to 24 month holding period before being allowed to flip. I replied that #1 this deal : : is 20% down not an FHA transaction and #2 it was disclosed upfront in the contract : : that this property was just purchased at trustee's sale. The Wells Fargo Lender : : Stated that it was an oversight and he will see if he can get an exception. By the way : : the appraisal came in at 154K. The buyers have 37,500 in escrow and all of their : : contingencies have been removed. I know I have several options on closing the deal : : with either another lender or praying for an exception. : : My main question is: Has anyone had a last minute seasoning requirement pop up : : with Wells Fargo? Any advice of what can be presented to Wells to have them : : continue with the deal? Or do I learn that at this time NO MORE Loans from Wells : : Fargo in regards to Trustee Sale property? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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