Updated almost 8 years ago on . Most recent reply
Closing Question on recent flip ?!
Good afternoon BP members!
I've got a question and was curious to hear others experiences.
We have a home under contract that we recently flipped. The buyer is using A local bank that does their own closing.
Our Purchase price was $91500 and after rehab completion we now have it under contract for $180k. My concern is when the bank pulls my deed what will happen when they see the original purchase price only 5 months prior?
(Of course that bank will also be doing the appraisal too)
All the best.
Paul
Most Popular Reply
Back in CT it never came up on any of my flips. I never had to substantiate anything, so maybe the same will apply. I had a $91,500 purchase and then a $250,000 sale on the same house, sold it to a couple with a VA loan, and the bank didn't ask for anything from me. Other areas may vary, but this has been my experience.