Trying to buy a house and the problem is the mortage company is saying there is a problem because the seller has only been on title 46 days is it true that you can't sell it for 90 days or I"m i getting the run a round.
2007-08-21 08:21:26 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
ur getting the run around. Title can't determine wether it sells or not. If you are doing financing, it's best to ask your lender or broker if there will be a problem. Your title company is f-ing up!
2007-08-21 08:41:15 · answer #1 · answered by sunshine 3 · 1⤊ 0⤋
If you are doing an FHA loan this is an issue. They will have to be on tittle for 90 days, or if it is a govenrment agency that owns it that can be waived.
For another type of loan it is up to the lenders guidelines.
Many things have tightened up lately and lenders do not want to get caught in a situation with a property that someone bought for 50k 1 month ago and now it is worth 200k. They are very cautious about property flipping(the ilegal type).
2007-08-21 09:32:29 · answer #2 · answered by Anonymous · 1⤊ 0⤋
What may be happening is that your mortgage lender will lose any money they made on the loan if the loan is paid off before 4 months of lending. So, they are telling you not to sell. If you don't have a prepayment penalty or stipulations in your loan documents for selling early,you probably can.
If you want to talk to me further about this, feel free to contact me at marymorris@pacsands.com.
2007-08-21 08:55:35 · answer #3 · answered by Mary M 1 · 0⤊ 0⤋
Never heard that one! Sounds like someone is blowing smoke.
2007-08-21 08:37:45 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋