Today’s August 14, 2009
You know we don’t sell to FHA buyers because we flip the property and seasoning issue will be a problem
But hey guys, listen..
HUD is taking over the world, and you’re now looking at more FHA transactions than ever, I’ve decided to bring you little tidbits of information that might be helpful on your transactions, to make these things go a little bit easier.
That’s right, the samurai who hates FHA because he can’t flip the houses to them will spill the beasn.
Sooo… if you have a owner occupied property, you have to have a T.D.S., or a Transfer Disclosure Statement. Right… This is on owner occupied properties, guys, not non-owner or investment. That means R.E.O.’s don’t count, because , they’re not living there. But short sales, if they’re owner occupied, not an investment property, and standard sales, if they’re owner occupied, they absolutely do count, and it’s gotta get done.
According to the National Association of Realtors, the listing agent needs to make three attempts to get the seller to fill out the Transfer Disclosure Statement. After that, the agent’s off the hook. This may seem trivial to you, but Julio’s actually run into some problems with this.
With short sales, agents are running into distressed sellers that have little motivation to cooperate with the transaction. They’re often times tuned out to the whole thing. We’ve run into situations where these guys don’t want to, or will not fill out anything, including the Transfer Disclosure Statement.
Quick Short Sale Tips & Tricks:
Your lender must have a Transfer Disclosure Statement on owner occupied properties. So, even if the realtor has done their job, according to the National Association of Realtor Standards, they still need to do more to satisfy the FHA loan.
Ok ok Jeff what do you…
If you are doing traditional short sales and the end buyer is going to FHA… make sure you get your T.D.S., or Transfer Disclosure Statement, in early. As you’re learning these days, transactions are taking a lot longer to get done. And just wait until the new Truth in Lending starts impacting your deals.
Getting things like your T.D.S. out of the way soon, will only make your transaction a little less painful at 11:45 PM. You dig?
Tags: FHA Tips, jeff coga, Short Sale Samurai, Short Sales Trips and Tricks, Transfer Disclosure Statement, Truth in Lending
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