Comments on: Seasoning and FHA’s Time Restrictions on Resales – a Legal Analysis http://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/ Thoughts, Musings, Analysis on Law & Real Estate Tue, 03 Jan 2012 06:13:28 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: uberVU - social commentshttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-42 uberVU - social comments Wed, 18 Nov 2009 13:08:36 +0000 http://www.nyrelawyers.com/?p=19#comment-42 <strong>Social comments and analytics for this post...</strong>This post was mentioned on Twitter by kasesq94: What is Title Seasoning? Legal Analysis of FHA Underwriting Requirement http://www.nyrelawyers.com/qsx #mortgage #realestate... Social comments and analytics for this post…

This post was mentioned on Twitter by kasesq94: What is Title Seasoning? Legal Analysis of FHA Underwriting Requirement http://www.nyrelawyers.com/qsx #mortgage #realestate…

]]> By: Latosha Hunthttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-25 Latosha Hunt Fri, 23 Oct 2009 17:42:09 +0000 http://www.nyrelawyers.com/?p=19#comment-25 Kathleen, Just needed a t little clarity. If an investor purchases an REO and renovates it, put purchases it in the name of a land trust, does he still have to wait 90days for the FHA rule? Kathleen,
Just needed a t small clarity. If an investor buys an REO and renovates it, place buys it in the name of a land trust, does he still have to wait 90days for the FHA rule?

]]> By: Kathleen Scanlonhttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-24 Kathleen Scanlon Tue, 29 Sep 2009 06:10:08 +0000 http://www.nyrelawyers.com/?p=19#comment-24 Kevin, Your real estate agent is DEAD WRONG! Look at the language of the HUD Mortgagee Letter. This is the misinformation passed on by real estate industry members who try to play lawyer. Don't believe the hype! Kevin,
Your real estate agent is DEAD INCORRECT! Look at the language of the HUD Mortgagee Letter.
This is the misinformation passed on by real estate industry members who try to play lawyer. Don’t believe the hype!

]]> By: Kevinhttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-23 Kevin Tue, 09 Jun 2009 18:58:02 +0000 http://www.nyrelawyers.com/?p=19#comment-23 Kathleen, Thanks!!! That's what I thought, but my real estate agent said the ninety days starts when the deed is recorded. I have a general contractors licence and try to do my best work. I not only improve the house and have it move in ready (which some people are looking for) but influence neighbors to do work in and around there places. I just don't think the ninety day seasoning is fair or good for the economy. There are bad apples in every service type of industry. We shouldn't all be punished for what a few unethical people do. Thanks again for your help, Kevin Kathleen,
Thanks!!! That’s what I thought, but my real estate agent said the ninety days starts when the deed is recorded. I have a general contractors licence and try to do my best work. I not only improve the house and have it go in ready (which some people are looking for) but influence neighbors to do work in and around there places. I just don’t reckon the ninety day seasoning is honest or excellent for the economy. There are terrible apples in every service type of industry. We shouldn’t all be punished for what a few unethical people do.
Thanks again for your help,
Kevin

]]> By: Kathleen Scanlonhttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-22 Kathleen Scanlon Tue, 09 Jun 2009 13:58:54 +0000 http://www.nyrelawyers.com/?p=19#comment-22 Kevin, in response to your question, since recording the document in the County Clerk's office merely provides record notice of the transfer and a Deed is viable the moment it is executed and delivered to purchaser, the "Date of Acquisition" is the date of the actual purchase - the date on the Deed and/or HUD-1 Settlement Statement. Hope that helps! Kathleen A. Scanlon, Esq. Kevin, in response to your question, since recording the document in the County Clerk’s office merely provides record notice of the transfer and a Deed is viable the moment it is executed and delivered to purchaser, the “Date of Acquisition” is the date of the actual buy – the date on the Deed and/or HUD-1 Settlement Statement.
Hope that helps!
Kathleen A. Scanlon, Esq.

]]> By: Kevinhttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-21 Kevin Tue, 09 Jun 2009 05:34:28 +0000 http://www.nyrelawyers.com/?p=19#comment-21 I need a defintion of what is a, "sellers date of acquisition" when the property is bought at foreclosure auction. Is the, "sellers date of acquisition" the day the property is bought at auction? Or is, "sellers date of acquisition" when the deed is recorded by the county? Thanks I need a defintion of what is a, “sellers date of acquisition” when the property is bought at foreclosure auction. Is the, “sellers date of acquisition” the day the property is bought at auction? Or is, “sellers date of acquisition” when the deed is recorded by the county?
Thanks

]]> By: Bill McKeehttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-20 Bill McKee Wed, 03 Jun 2009 17:03:27 +0000 http://www.nyrelawyers.com/?p=19#comment-20 The problem I've run into lately, in ORegon, is that the title company won't insure seller's title until it is taken out of the land trust (unless the trust is a statutory "Business Trust" .. and that is a whole nuther issue...). So even though seasoning may not be an issue, the title companies in Oregon are of the opinion that they will not take the "risk" of insuring property that was transferred to a trustee under a land trust (especially if that transfer was done just months or less before the subject sale). I"ve talked with the legal dept of many of the major title companies and they all give me the same answers. Bill Gatten talked with them, too. No luck. They all drink the same kool-aid! Anyway, if you ever come across a title company willing to insure title for a transaction in Oregon as you describe above, let me know! The problem I’ve run into lately, in ORegon, is that the title company won’t insure seller’s title until it is taken out of the land trust (unless the trust is a statutory “Business Trust” .. and that is a whole nuther issue…). So even though seasoning may not be an issue, the title companies in Oregon are of the opinion that they will not take the “risk” of insuring property that was transferred to a trustee under a land trust (especially if that transfer was done just months or less before the subject sale). I”ve talked with the legal dept of many of the major title companies and they all give me the same answers. Bill Gatten talked with them, too. No luck. They all drink the same kool-aid!
Anyway, if you ever come across a title company willing to insure title for a transaction in Oregon as you describe above, let me know!

]]> By: David Safeerhttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-19 David Safeer Wed, 27 May 2009 16:43:32 +0000 http://www.nyrelawyers.com/?p=19#comment-19 Kathleen- Thank you for this post. I just started following you. I run a mortgage company, property management company, and hold single family homes. I also sponsor a real estate investment club. Question: Have you used land trusts to help investors control properties and then sell them to an FHA buyer in under 90 days using the process you describe? I found this so compelling that I referenced it in my blog and linked to you. Thanks again. www.cleardaycap.blogspot.com Kathleen-
Thank you for this post. I just started following you. I run a mortgage company, property management company, and hold single family homes. I also sponsor a real estate investment club.
Question: Have you used land trusts to help investors control properties and then sell them to an FHA buyer in under 90 days using the process you describe?
I found this so compelling that I referenced it in my blog and linked to you.
Thanks again.
http://www.cleardaycap.blogspot.com

]]> By: jimihttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-18 jimi Thu, 30 Apr 2009 14:19:54 +0000 http://www.nyrelawyers.com/?p=19#comment-18 Very informative, thanks! jimi Very informative, thanks!
jimi

]]> By: Kathleen Scanlonhttp://www.nyrelawyers.com/2009/04/seasoning-and-fhas-time-restrictions-on-resales-a-legal-analysis/comment-page-1/#comment-17 Kathleen Scanlon Thu, 16 Apr 2009 01:52:50 +0000 http://www.nyrelawyers.com/?p=19#comment-17 Under the above analysis, the date of a no-consideration transfer from a homeowner to an entity, be it a trust, corp, llc etc, where the homeowner owns the entity itself and maintains control and possession of the subject property is not a Date of Acquisition for the purposes of this Seasoning test. Under the above analysis, the date of a no-consideration transfer from a homeowner to an entity, be it a trust, corp, llc etc, where the homeowner owns the entity itself and maintains control and possession of the subject property is not a Date of Acquisition for the purposes of this Seasoning test.

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