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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Seasoning issue Wells Fargo Posted by Kristine-CA on April 28, 2009 at 7:35 PM In Reply to: Seasoning issue Wells Fargo posted by Jerry K on April 27, 2009 at 11:55 PM Jerry: seasoning isn't a Wells Fargo issue or an FHA issue. It's an issue, period. You can boycott WF, but it will come up with pretty much every lender. Seasoning cannot be ignored if you want to retail houses in less than 90 days and/or if you have a large increase in value on the re-sale. Doesn't matter if the loan "isn't FHA"....The FHA seasoning (anti-fraud) guidelines are part of many lender's underwriting, regardless of FHA. It's an industry standard and has been for a few years. Ask WF want they want and give it to them. But it's possible they won't play. Control the deals by sending your buyers to mortgage people that know your needs. Or make sure the buyer's broker understands what seasoning really means. : 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 a Followup: Name : E-Mail : Subject : Comments: : Jerry: seasoning isn't a Wells Fargo issue or an FHA issue. It's an issue, period. You can boycott WF, but it will come up with pretty much every lender. Seasoning cannot be ignored if you want to retail houses in less than 90 days and/or if you have a large increase in value on the re-sale. Doesn't matter if the loan "isn't FHA"....The FHA seasoning (anti-fraud) guidelines are part of many lender's underwriting, regardless of FHA. It's an industry standard and has been for a few years. : Ask WF want they want and give it to them. But it's possible they won't play. Control the deals by sending your buyers to mortgage people that know your needs. Or make sure the buyer's broker understands what seasoning really means. : : : 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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