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Rehabbing & House Flipping

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Tim B
  • Real Estate Consultant
  • Minneapolis
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60
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Getting around the 90 day seasoning rule

Tim B
  • Real Estate Consultant
  • Minneapolis
Posted Apr 9 2009, 00:31

Purchased a fixer and someone offered me $15,000 more to buy it as is. Since I just closed on the property - how can we get around FHA's 90 day seasoning requirement.

I just did this on another property - bought an REO and sold it immediately. My buyer used Wells Fargo conventional loan and they were reluctant to finance the deal. Wells would only finance up to the amount I paid for the REO - requiring my buyer to come up with additonal down payment.

If your flipping or rehabbing and reselling in less then 90 days how do you finance the resale - without using hard money?

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