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Originally posted by the_mortgage_guy

GMAC.

Bro, this is priceless info right here.

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quote:

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Originally posted by the_mortgage_guy

GMAC.

Bro, this is priceless info right here.

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Originally posted by Captain Mortgage

I have had no issues funding flips through BofA(retail), Wells, Sun Trust, Homecomings, Actually I've had no issues with anyone. What problems are you running into? Are you trying to go FHA for the end buyer?

Jose, you should still have my e-mail. I have worked on pieces of several similar transactions in regards to flipping. Feel free to e-mail me if you have any questions. My broker has about 5 in escrow right now that are all within 90 days of the Seller purchasing the home.

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Originally posted by aaron1976

Why not arrange a double closing with two lenders. I believe you can do this. You can get into the property for less via hard money sice the property is being bought under market value and have the buyer approved with a conventional lender. Unless of course you have 20% to put down on an investment property knowing it is coming right back. On the hard money scene you should be able to get away with 5-10% down on the acquisition as long as the overall LTV does not go above 65-70%. The end buyer in the meantime is approved with a conventional lender and arrange a double closing.

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Originally posted by rtrefflich

I too have had a hard time recently flipping properties, the main challenge is the bank supporting the value when I just purchased it at a much lower cost. It really depends what you do to the property. I usually have before and after pictures along with an LOE going over what we have done to the property and we don't have a problem.

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Originally posted by BankNegotiator

jbelman, what you are talking about is a "dry" same-day, simul-close. (this is different from a "Wet" Same-Day Double Close)

"Dry" simul-closings where the end buyers money funds both transactions is getting harder and harder to do. It's not just the lenders that are against it, but the title companies as well.

You'll need to start switching to "Wet" Double Closings where you bring in funds at 9am to buy the property and then you get cashed out at 3pm by the end buyer's conventional financing. Visit Coastal-Funding.com as they are set up for this type of "Flash Funding" and have a great reputation.

To those who are sending info on this I think we need to be clear on what is being asked for on this thread. We're looking for a lender that:

1) Has NO seasoning requirements - the deal is flipped same day

2) Funding is based on an independent appraisal and not on what the home was previously purchased for. If I bought a 2500 sq ft home that has nothing wrong with it for a dollar, and it's twin brother just sold for $320k next door after being reduced by $100k due to market reduction, I should be able to resell for $320k even if no repairs or updates were done. Investors should not be penalized for getting a good deal.

This is the type of funding investors are searching for for their end buyers. Now that this is further defined....which lenders are able to fund the end buyer based on the above criteria?

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Originally posted by Captain Mortgage

Just sent you an e-mail with a solution.

Also for everyone elses reference here's the DU guideline on flipping homes.

Rapid appreciation message:
The Desktop Underwriter collateral assessment model indicates that the
submitted property value estimate for this refinance transaction <or sales price for a purchase money transaction> appears to have an excessive rate of appreciation based on an analysis of a recent prior sale of the subject property. The lender should carefully review the appraisal for this transaction.
Combined rapid appreciation and quality assurance message:
The Desktop Underwriter collateral assessment model indicates that the
submitted property value estimate for this refinance transaction appears to have an excessive rate of appreciation based on an analysis of a recent prior sale of the subject property. In addition, the risk characteristics for this transaction are consistent with those Fannie Mae has historically found to contribute to inflated property valuations. The lender should carefully review the appraisal for this transaction.
Note: The absence of any of the above messages does not indicate Fannie
Mae’s acceptance of the property appraised value entered in the online loan application for the subject property. Lenders continue to be responsible for the data entered and, when DU indicates that an appraisal is required, for the property appraisal representations and warranties.

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Originally posted by the_mortgage_guy

quote:

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Originally posted by Captain Mortgage

Just sent you an e-mail with a solution.

Also for everyone elses reference here's the DU guideline on flipping homes.

Rapid appreciation message:
The Desktop Underwriter collateral assessment model indicates that the
submitted property value estimate for this refinance transaction <or sales price for a purchase money transaction> appears to have an excessive rate of appreciation based on an analysis of a recent prior sale of the subject property. The lender should carefully review the appraisal for this transaction.
Combined rapid appreciation and quality assurance message:
The Desktop Underwriter collateral assessment model indicates that the
submitted property value estimate for this refinance transaction appears to have an excessive rate of appreciation based on an analysis of a recent prior sale of the subject property. In addition, the risk characteristics for this transaction are consistent with those Fannie Mae has historically found to contribute to inflated property valuations. The lender should carefully review the appraisal for this transaction.
Note: The absence of any of the above messages does not indicate Fannie
Mae’s acceptance of the property appraised value entered in the online loan application for the subject property. Lenders continue to be responsible for the data entered and, when DU indicates that an appraisal is required, for the property appraisal representations and warranties.

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Correct. the lender may require a field review to make sure the rapid appreciation is not actually appreciation but that property was sold under fair market value and that both appraisal meet current fair market guides.

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Originally posted by rtrefflich

I too have had a hard time recently flipping properties, the main challenge is the bank supporting the value when I just purchased it at a much lower cost. It really depends what you do to the property. I usually have before and after pictures along with an LOE going over what we have done to the property and we don't have a problem.

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