We are approved for a FHA loan, and found a house that is a really good deal. Problem is it is corprate? owned and are stating the FHA 90 day rule. Is corprate owned the same as bank owned(it states US Bank on assessors site), and if so does the 90 day rule count on foreclosed homes owned by banks since they are not flipping the property? The will do no improvements and are asking alot less than the comps in the area. I am a bit confused and would appreciate any input.
The house I am looking at cosmetically looks fine, not much to do-not trashed. Per the county assessor has been bank owned for a little over a month now. The MLS states conventional loans and California but not FHA yet, the realtor for the property has yet to return my, or my realtors calls about the FHA issue, so I was just trying to figure it out.
If US Bank is the owner of record, it's bank-owned. I have one of their properties listed now. I just sold 2 other repos FHA and didn't have a problem with the 90 day rule. Usually, from the time the banks get final judgement and then fo through trashout, repairs, marketing approval, list price approval, actually listing it, and going through to closing it's way past 90 days. Mine usually take about 1-2 months from the time I get the property assigned to me to the time it's actually listed because we have to prepare the property for sale first.
Banks very rarely do any improvements to the property and all foreclosures I've dealt with are sold as-is with the right to inspect. This means you can have inspections done and in most cases if the inspector discovers something amiss that you simply can't deal with repairing (foundation, roof, extensive termite damage...) you can cancel the contract by notifying the bank in writing. I do have one listing now that the bank approved painting but it was a horrid burgundy and mustard color on the inside. Usually they only approve trashout of personal property from the interior and exterior, sales cleaning, lawn maintenance and utilities.
The reason being because monetary business organisation of united states is probably unaware that the rule of thumb develop into suspended as of Feb1 of this 3 hundred and sixty 5 days. nevertheless, lenders have the criminal authentic to placed subjective regulations (covenants) on any sale regardless.
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