Comments on: Equity – New Work for Equity Requirements

By: karen

karen — Thu, 25 Feb 2010 20:20:27 +0000

Please, please, please keep us all posted here as to what happens with your transaction!

Thank you, Jeff, and good luck!

By: Jeff Paulus

Jeff Paulus — Thu, 25 Feb 2010 18:56:18 +0000

Don’t ask me how I know about the 90 day seasoning issue! I am meeting with
a lender this Friday who works with various Real Estate Investors in our
area. He actually works with the Rent to Own clients to help them
repair/build credit and then get them approved for a loan, so we will see
how productive that is at getting our people approved as well as the hoops
that we have to jump through!

Jeff Paulus
Integrity Properties Manager

By: karen

karen — Tue, 23 Feb 2010 22:55:45 +0000

There is no absolute answer to that question, Jeff, as each lender gets to make their own regulations. As always when you deal with a lender, you do what they tell you to do. We typically keep working to give them everything they ask for until they say the deal is dead.. or it closes.

Definitely know that you must keep records and receipts for your expenses as they may ask for those. You want to show what you spent so they can’t count that as profit.

And, when selling, best not enter into a contract until you’ve owned the house for at least 90 days.

By: Jeff Paulus

Jeff Paulus — Tue, 23 Feb 2010 22:08:47 +0000

So, Karen, what do you do to side step/comply-with these regulations? Great post, by the way, as well as the Short Sale post!

By: karen

karen — Tue, 16 Feb 2010 18:26:24 +0000

My sentiments, exactly!

By: Flavia Nazareth

Flavia Nazareth — Tue, 16 Feb 2010 18:25:18 +0000

Great post!

I have only one thing to say after reading this: AGH!!!

By: karen

karen — Wed, 10 Feb 2010 17:49:53 +0000

I still don’t see where any of the legislation is truly helping buyers…

By: mary j

mary j — Wed, 10 Feb 2010 16:34:26 +0000

Wonder what THIS will do to the housing recovery?