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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Seasoning issue Wells Fargo Posted by CAE on May 05, 2009 at 4:16 PM In Reply to: Re: Seasoning issue Wells Fargo posted by Lughead on April 28, 2009 at 0:54 AM So this is going to make flipping very difficult? Finding a lender that wont have an issue with the property being held for less than 90 days and purchased for far less than the selling price looks to be not easy. : 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 a Followup: Name : E-Mail : Subject : Comments: : So this is going to make flipping very difficult? Finding a lender that wont have an issue with the property being held for less than 90 days and purchased for far less than the selling price looks to be not easy. : : 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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