I have had some questions as to what "Seasoning" is and will it affect them in a deal. So, here it is, in a "Nut Shell"
"SEASONING": Refers to the Length of time that the Seller has owned the property. Homeowners(home buyers) CANNOT obtain a "Conforming Mortgage" if they are putting less than 20% down and the Seller hasen't owned the property for @ least 90 days.
"CONFORMING MORTGAGE": Loan that complies with ALL the relevant underwriting guidance provided by HUD. Most Low-Income & First Time home buyers obtain FHA, VA, Freddie Mac, Fannie Mae, government backed loans, which are protected by PMI(private mortgage insurance) provided by HUD.
-Seasoning will only be an issue if you are selling to a buyer trying to obtain an FHA MORTGAGE.
-If your WHOLESALING properties, you'll be selling to Investors, Not 1st Time Home Buyers-Seasoning will NOT be an issue. YOUR HERO, SULLY.
YOUR HERO, SULLY