Comments on: FHA Suspends Flipping Rule? Not So Fast, Sparky… http://reitips.com/fha-seasoning-suspended/ Real Estate Investing, Undressed: Tips, ideas and news real estate investors can use. Thu, 04 Dec 2008 18:48:55 +0000 http://wordpress.org/?v=2.6.5 By: JP Moses http://reitips.com/fha-seasoning-suspended/#comment-89 JP Moses Tue, 15 Jul 2008 21:12:47 +0000 http://reitips.com/?p=142#comment-89 <a href="#comment-87" rel="nofollow">@Brian Schweizer</a> - Thanks for the update, Brian! So I guess it's more proof that the FHA seasoning waiver isn't quite the boon for investors that we initially thought. Maybe if (when?) the feds take them over, things'll change again! ;) My best, ..jp<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('89','JP Moses'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('89','JP Moses','<a href=\"#comment-87\" rel=\"nofollow\">@Brian Schweizer<\/a> - Thanks for the update, Brian! So I guess it\'s more proof that the FHA seasoning waiver isn\'t quite the boon for investors that we initially thought. Maybe if (when?) the feds take them over, things\'ll change again! ;)\n\nMy best,\n\n..jp'); return false;">Quote</a></div><div id='wpcr_tags'>Comment Tags: <a href='/fha-seasoning-suspended/feed/comment-tag/fha'>FHA</a>, <a href='/fha-seasoning-suspended/feed/comment-tag/seasoning'>seasoning</a></div> @Brian Schweizer - Thanks for the update, Brian! So I guess it’s more proof that the FHA seasoning waiver isn’t quite the boon for investors that we initially thought. Maybe if (when?) the feds take them over, things’ll change again! ;)
My best,

..jp

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Comment Tags: FHA, seasoning
]]> By: Brian Schweizer http://reitips.com/fha-seasoning-suspended/#comment-87 Brian Schweizer Tue, 15 Jul 2008 17:37:04 +0000 http://reitips.com/?p=142#comment-87 Well after weeks of being strung along by the FHA Lender they finally decided that we dont qualify for the waiver, even though they said back in June that we did and made us resubmit with June dates. Im getting so frusterated at this point if it was the seller jerking us around I'd have told them to get lost, but its our own lender =( The investment company that bought the house, as far as I can tell, has no affiliation with the Lender that had the foreclosure title. 3.5+months so far how much longer can we possibly get strung along....<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('87','Brian Schweizer'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('87','Brian Schweizer','Well after weeks of being strung along by the FHA Lender they finally decided that we dont qualify for the waiver, even though they said back in June that we did and made us resubmit with June dates. Im getting so frusterated at this point if it was the seller jerking us around I\'d have told them to get lost, but its our own lender =( The investment company that bought the house, as far as I can tell, has no affiliation with the Lender that had the foreclosure title. 3.5+months so far how much longer can we possibly get strung along....'); return false;">Quote</a></div> Well after weeks of being strung along by the FHA Lender they finally decided that we dont qualify for the waiver, even though they said back in June that we did and made us resubmit with June dates. Im getting so frusterated at this point if it was the seller jerking us around I’d have told them to get lost, but its our own lender =( The investment company that bought the house, as far as I can tell, has no affiliation with the Lender that had the foreclosure title. 3.5+months so far how much longer can we possibly get strung along….
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]]> By: GP http://reitips.com/fha-seasoning-suspended/#comment-69 GP Tue, 24 Jun 2008 08:02:14 +0000 http://reitips.com/?p=142#comment-69 I believe they are referring to asset management companies (whose services typically include disposition) when they use the term "vendor"... These are the guys who secure the property, winterize them, do the critical/emergency repairs, contact local agents to get them listed, etc. The lenders typically turn the properties over to them shortly after the auction... Just google: REO Asset Management http://www.google.com/search?q=reo+asset+management<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('69','GP'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('69','GP','I believe they are referring to asset management companies (whose services typically include disposition) when they use the term \"vendor\"...\r\n\r\nThese are the guys who secure the property, winterize them, do the critical\/emergency repairs, contact local agents to get them listed, etc. The lenders typically turn the properties over to them shortly after the auction...\r\n\r\nJust google: REO Asset Management\r\nhttp:\/\/www.google.com\/search?q=reo+asset+management'); return false;">Quote</a></div> I believe they are referring to asset management companies (whose services typically include disposition) when they use the term “vendor”…

These are the guys who secure the property, winterize them, do the critical/emergency repairs, contact local agents to get them listed, etc. The lenders typically turn the properties over to them shortly after the auction…

Just google: REO Asset Management
http://www.google.com/search?q=reo+asset+management

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]]> By: JP Moses http://reitips.com/fha-seasoning-suspended/#comment-65 JP Moses Mon, 23 Jun 2008 15:41:01 +0000 http://reitips.com/?p=142#comment-65 <a href="#comment-63" rel="nofollow">@Brian Schweizer</a> - Thanks for chiming in. That's interesting. Do you know if the investment company you're referring to was a company hired by the foreclosing lender to help liquidate it's foreclosure assets? Or was it a real estate investor who purchased the property to flip for profit, and then flipped to you? If in fact the latter, then it does appear they found a way to be considered a "vendor" under the waiver guidelines. ...jp<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('65','JP Moses'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('65','JP Moses','<a href=\"#comment-63\" rel=\"nofollow\">@Brian Schweizer<\/a> - Thanks for chiming in. That\'s interesting. Do you know if the investment company you\'re referring to was a company hired by the foreclosing lender to help liquidate it\'s foreclosure assets? Or was it a real estate investor who purchased the property to flip for profit, and then flipped to you? If in fact the latter, then it does appear they found a way to be considered a \"vendor\" under the waiver guidelines.\n\n...jp'); return false;">Quote</a></div><div id='wpcr_tags'>Comment Tags: <a href='/fha-seasoning-suspended/feed/comment-tag/fha'>FHA</a>, <a href='/fha-seasoning-suspended/feed/comment-tag/foreclosure-investing'>foreclosure investing</a></div> @Brian Schweizer - Thanks for chiming in. That’s interesting. Do you know if the investment company you’re referring to was a company hired by the foreclosing lender to help liquidate it’s foreclosure assets? Or was it a real estate investor who purchased the property to flip for profit, and then flipped to you? If in fact the latter, then it does appear they found a way to be considered a “vendor” under the waiver guidelines.

…jp

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Comment Tags: FHA, foreclosure investing
]]> By: Brian Schweizer http://reitips.com/fha-seasoning-suspended/#comment-63 Brian Schweizer Mon, 23 Jun 2008 13:43:16 +0000 http://reitips.com/?p=142#comment-63 I am a first time home buyer and ran into this FHA anti flip policy just a few weeks ago. Our situation is; the house sold in April from foreclosure to an investment company to sell it off. We are using FHA whom went all the way through the process up until 1 week before closing and then decided to tell us about this 90 days. We tried everything to waive it but to no avail. We got a call this weekend from our real estate agent saying that our mortgage broker got them to waive the 90 days. So you can in fact have the 90 days waived for a vendor that is assisting the mortgagee like said above.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('63','Brian Schweizer'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('63','Brian Schweizer','I am a first time home buyer and ran into this FHA anti flip policy just a few weeks ago. Our situation is; the house sold in April from foreclosure to an investment company to sell it off. We are using FHA whom went all the way through the process up until 1 week before closing and then decided to tell us about this 90 days. We tried everything to waive it but to no avail. We got a call this weekend from our real estate agent saying that our mortgage broker got them to waive the 90 days. So you can in fact have the 90 days waived for a vendor that is assisting the mortgagee like said above.'); return false;">Quote</a></div> I am a first time home buyer and ran into this FHA anti flip policy just a few weeks ago. Our situation is; the house sold in April from foreclosure to an investment company to sell it off. We are using FHA whom went all the way through the process up until 1 week before closing and then decided to tell us about this 90 days. We tried everything to waive it but to no avail. We got a call this weekend from our real estate agent saying that our mortgage broker got them to waive the 90 days. So you can in fact have the 90 days waived for a vendor that is assisting the mortgagee like said above.
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]]> By: JP Moses http://reitips.com/fha-seasoning-suspended/#comment-61 JP Moses Sun, 22 Jun 2008 23:35:29 +0000 http://reitips.com/?p=142#comment-61 <a href="#comment-59" rel="nofollow">@Jeffery S Watson Esq.</a> - Jeffrey, after you submit them I'd love to hear how it goes. I'd even love to do a short case study interview with you on it if possible. Your experience in how this goes would be invaluable to share with others in the investment community. So please keep me/us posted. Thanks for commenting! ...jp<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('61','JP Moses'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('61','JP Moses','<a href=\"#comment-59\" rel=\"nofollow\">@Jeffery S Watson Esq.<\/a> - Jeffrey, after you submit them I\'d love to hear how it goes. I\'d even love to do a short case study interview with you on it if possible. Your experience in how this goes would be invaluable to share with others in the investment community. So please keep me\/us posted. Thanks for commenting!\n\n...jp'); return false;">Quote</a></div><div id='wpcr_tags'>Comment Tags: <a href='/fha-seasoning-suspended/feed/comment-tag/fha'>FHA</a>, <a href='/fha-seasoning-suspended/feed/comment-tag/seasoning'>seasoning</a></div> @Jeffery S Watson Esq. - Jeffrey, after you submit them I’d love to hear how it goes. I’d even love to do a short case study interview with you on it if possible. Your experience in how this goes would be invaluable to share with others in the investment community. So please keep me/us posted. Thanks for commenting!

…jp

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Comment Tags: FHA, seasoning
]]> By: Jeffery S Watson Esq. http://reitips.com/fha-seasoning-suspended/#comment-59 Jeffery S Watson Esq. Sat, 21 Jun 2008 18:07:22 +0000 http://reitips.com/?p=142#comment-59 After reading the actual 2 page waiver and then going back to the underlying section of the C.F.R. cited in the Memorandum it is possible that this may help short sale investors attempt a quick turn transaction. Several investors associated with Strategic Real Estate Coach Inc. are going to try submitting B to C deals to FHA lenders. The key elements are in how the entire deal is set up and openly disclosed to the FHA lender. They may see the investor as a vendor assisting the mortgagee and mortgagor in ending the foreclosure. Only time and effort will tell.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('59','Jeffery S Watson Esq.'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('59','Jeffery S Watson Esq.','After reading the actual 2 page waiver and then going back to the underlying section of the C.F.R. cited in the Memorandum it is possible that this may help short sale investors attempt a quick turn transaction. Several investors associated with Strategic Real Estate Coach Inc. are going to try submitting B to C deals to FHA lenders. The key elements are in how the entire deal is set up and openly disclosed to the FHA lender. They may see the investor as a vendor assisting the mortgagee and mortgagor in ending the foreclosure. Only time and effort will tell.'); return false;">Quote</a></div> After reading the actual 2 page waiver and then going back to the underlying section of the C.F.R. cited in the Memorandum it is possible that this may help short sale investors attempt a quick turn transaction. Several investors associated with Strategic Real Estate Coach Inc. are going to try submitting B to C deals to FHA lenders. The key elements are in how the entire deal is set up and openly disclosed to the FHA lender. They may see the investor as a vendor assisting the mortgagee and mortgagor in ending the foreclosure. Only time and effort will tell.
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]]> By: JP Moses http://reitips.com/fha-seasoning-suspended/#comment-58 JP Moses Thu, 19 Jun 2008 22:15:07 +0000 http://reitips.com/?p=142#comment-58 <a href="#comment-57" rel="nofollow">@Gerald Romine</a> - Thanks, Gerald. I'm doing my best. :) ...jp Ps...LOVED the video revealing your presidential run. Congrats! ;)<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('58','JP Moses'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('58','JP Moses','<a href=\"#comment-57\" rel=\"nofollow\">@Gerald Romine<\/a> - Thanks, Gerald. I\'m doing my best. :)\n\n...jp\n\nPs...LOVED the video revealing your presidential run. Congrats! ;)'); return false;">Quote</a></div> @Gerald Romine - Thanks, Gerald. I’m doing my best. :)
…jp

Ps…LOVED the video revealing your presidential run. Congrats! ;)

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]]> By: Gerald Romine http://reitips.com/fha-seasoning-suspended/#comment-57 Gerald Romine Thu, 19 Jun 2008 22:08:54 +0000 http://reitips.com/?p=142#comment-57 JP, you are right on point with your information. Great website and layout to!!! Gerald Romines last blog post..<a href="http://geraldromine.com/real_estate_investing/gerald-romine-gets-political.html" rel="nofollow">Gerald Romine Get’s Political</a><div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57','Gerald Romine'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57','Gerald Romine','JP, you are right on point with your information. \r\n\r\nGreat website and layout to!!!\n\nGerald Romines last blog post..<a href=\"http:\/\/geraldromine.com\/real_estate_investing\/gerald-romine-gets-political.html\" rel=\"nofollow\">Gerald Romine Get’s Political<\/a>'); return false;">Quote</a></div> JP, you are right on point with your information.

Great website and layout to!!!

Gerald Romines last blog post..Gerald Romine Get’s Political

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]]> By: JP Moses http://reitips.com/fha-seasoning-suspended/#comment-54 JP Moses Wed, 18 Jun 2008 19:58:32 +0000 http://reitips.com/?p=142#comment-54 <a href="#comment-53" rel="nofollow">@Gary Boomershine</a> - Some really excellent points in there, Gary. And never let it be said that you're not a man of words and action. :) It's not that I don't think the FHA waiver will have any impact at all in the REI community. But it won't have the effect many of us thought it did initially. If someone can get clarification on exactly what kind of "vendor" the waiver might be referring to, then maybe we can figure out if/how an investor might put himself in that role. I'd appreciate anyone else's insight on that particularly. It also seems to me that in order for a mortgagee (lender) to be able to benefit from this waiver, they're going to have to look at rehabbing many of the REOs in their inventory. Otherwise most of them won't meet FHA's standards for property condition, so the waiver would be useless. So it'll be interesting to see how/if this effects the way banks deal with their inventory at all. Thanks again for your insightful feedback. Anyone else?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('54','JP Moses'); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('54','JP Moses','<a href=\"#comment-53\" rel=\"nofollow\">@Gary Boomershine<\/a> - Some really excellent points in there, Gary. And never let it be said that you\'re not a man of words and action. :)\r\n\r\n\r\nIt\'s not that I don\'t think the FHA waiver will have any impact at all in the REI community. But it won\'t have the effect many of us thought it did initially. If someone can get clarification on exactly what kind of \"vendor\" the waiver might be referring to, then maybe we can figure out if\/how an investor might put himself in that role. I\'d appreciate anyone else\'s insight on that particularly.\r\n\r\nIt also seems to me that in order for a mortgagee (lender) to be able to benefit from this waiver, they\'re going to have to look at rehabbing many of the REOs in their inventory. Otherwise most of them won\'t meet FHA\'s standards for property condition, so the waiver would be useless. So it\'ll be interesting to see how\/if this effects the way banks deal with their inventory at all.\r\n\r\nThanks again for your insightful feedback. Anyone else?'); return false;">Quote</a></div><div id='wpcr_tags'>Comment Tags: <a href='/fha-seasoning-suspended/feed/comment-tag/fha'>FHA</a>, <a href='/fha-seasoning-suspended/feed/comment-tag/foreclosures'>foreclosures</a>, <a href='/fha-seasoning-suspended/feed/comment-tag/reo'>REO</a></div> @Gary Boomershine - Some really excellent points in there, Gary. And never let it be said that you’re not a man of words and action. :)

It’s not that I don’t think the FHA waiver will have any impact at all in the REI community. But it won’t have the effect many of us thought it did initially. If someone can get clarification on exactly what kind of “vendor” the waiver might be referring to, then maybe we can figure out if/how an investor might put himself in that role. I’d appreciate anyone else’s insight on that particularly.

It also seems to me that in order for a mortgagee (lender) to be able to benefit from this waiver, they’re going to have to look at rehabbing many of the REOs in their inventory. Otherwise most of them won’t meet FHA’s standards for property condition, so the waiver would be useless. So it’ll be interesting to see how/if this effects the way banks deal with their inventory at all.

Thanks again for your insightful feedback. Anyone else?

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Comment Tags: FHA, foreclosures, REO
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