Getting around the 90 day seasoning rule

[Tim B]

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?

[J Scott]

Originally posted by Tim B:

Reluctant to do a short lease - buyer moves into property prior to closing then nit picking property and backing out of purchase.

I have the same concerns about doing this, but you have to decide if this is a better or worse alternative to waiting 90 days...

Btw, I highly recommend checking with the title company to make sure that they record the deed quickly...I had a situation this week where I found out the title company screwed up, and still hasn't recorded the deed after more than 2 months.

I have an offer on the property, but it's FHA, and the 90 day clock STILL hasn't started ticking...