Foreclosure University

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Foreclosure University adds Transactional Funding

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Hey,

Jarad here and I just wanted to let everyone know that we are officially funding deals now. We’ve had a ton of requests for it, so we decided it was time to make it available for anyone who wants to flip houses.

Now this type of funding is also referred to as “transactional funding”. It is not a loan so credit and income verifications are irrelevant. It is a short term strategy so it’s specifically designed to help investors with quick flips. It is not a long term loan like hard money. In fact most of these transactions are 1 week or less.

If you want to learn more about it you can visit http://www.foreclosureuniversity.com/transactional_funding_request_form.php

You will see answers to the most common questions on that page. We look forward to funding some of your deals.

FHA Title Seasoning Requirement

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Jarad here and there is some BIG NEWS today.

FHA announced that they have suspended their 90 day rule beginning 2/1/10. This is beyond huge for investors because we can now sell properties to FHA buyers without having to season the title for 90 days.

There is a HUGE inventory of FHA buyers, in fact most first time home buyers use FHA because of the simpler lending requirements and lower down payments. And since a lot of deals we are seeing are entry level homes it makes for a perfect fit.

See it was difficult there for a little while because FHA refused to finance a deal if the seller was not on title for at least 90 days or longer which prevented a ton of first time home buyers from getting into these entry level homes at affordable prices.

Now finally after 4 years they decided to lift that requirement, with a few minor exceptions like…

All transactions must be arms-length, with no identity of interest between the buyer and seller…

And the seller has to be on title at the time of close… etc. you can read about the waiver on HUD’s website.

This means anything is fair game now, Short Sales, REO’s, you name it!

So go out and start flipping those deals, you have no excuse now.

Welcome to Foreclosure University’s Blog

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Welcome to the Foreclosure University blog. It’s been interesting and fun at the same time. As all of you probably know, now is a great time to begin investing in any kind of real estate. Deals are all over the place. Now is the time to GO BIG if you can! Don’t limit yourself to just foreclosures either. We are seeing developments half finished, (now in foreclosure) that you can pick up for .40 on the dollar. Same with multi units that were half finished and they just ran out of money. A lot of good stuff going on out there. Let’s take advantage of it while we can. When I hear of any exciting news that will help you, I’ll be sure to let you know. Feel free to leave your comments and feedback. The more we help each other the better.

Success is Yours

Jarad