Buy a home that is a flip.?

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I have a contract on a house, flip and was purchased on the market less than 90 days after the MLS. I get a loan from Fannie Mae. My mortgage company told me that it takes 90 days before I went home that are under contract, having already gave me a letter .. Who’s in charge here? The seller is a realtor. Did he disclose that the property may have more than 90 days, on certain mortgages in the region? The mortgage company made a mistake by making a commitment and that after the letter, he was a flip? In the meantime, rising mortgage rates, the willingness of the seller, trying to keep my deposit. He did not believe in the end, but the mortgage company now wants the procedure to apply for a loan from the beginning and invite me to a different start. My broker said he was unaware of the directive Flip waiting 90 days and do not know what type of mortgage financing my business to give me. Loss Connecticut.Der seller told me that the house was presented and real estate agents for the buyer knew me. They all say they were unaware of the new FHA guideline to wait 90 days before a mirror objects can be treated. In the meantime, the sales contract had “the time is a being” in it. The mortgage company I think is to blame for giving me a commitment letter before it was noticed the entrusted property, a title and after evaluation and contract. I do not think they paid attention to detail. I could out of business immediately, if I had known.

1 Comment
  1. Reply
    Fiat Slug
    May 3, 2011 at 2:53 am

    The key here is whether the seller or selling realtor failed to disclose anything that affected the marketability of the property. Based on your description, I think the seller did fail in this respect. A reasonable settlement would be for the seller to pay for any fee that you have to pay a second time (such as appraisals and any application fees). As for the rate increase, you’ll have a tough time getting the seller to pay you for that difference. You can contact a lawyer and get a legal opinion on the likelihood that you can recover the money you lost due to increased interest rates.

    The mortgage company is not at fault unless they knew about the circumstances.

    As for your realtor, the question is whether he knew this was a flip. If he knew, then he is partially responsible for not informing you of that.

    Another question you need to ask the mortgage company is whether this 90 day limitation is common in your area. If so, then your realtor should’ve warned you if he knoew this was a flip.

    Update: I still don’t think the mortgage company is liable. There are literally hundreds of items in the lending guidelines for a single loan product so it would be impractical for them to go over every single one of them before they make the loan commitment. Therefore, they go over the most common ones before hand and deal with the rest during escrow.

    It is the realtors’ responsibility to stay on top of issues in the real estate industry. The fact that the 90 day period is a new guideline from FHA is no excuse. They need to be aware of these so that they can advise their clients.

    In most states, both mortgage brokers and real estate agents are regulated by the same state agency. You can call their consumer help line and tell them what happened. Without filing a formal comlaint (yet), ask them who they think is responsible for dropping the ball.

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