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No this property was purchased from the courthouse, so I think that means it is not REO. Is that what has caused this?
I thought homes purchased at auction on the courthouse steps by investors were exempt as well. The whole point of the waiver was to allow absorption of the foreclosure properties into the market. There was just a cap on resale price unless extensive work had been done and was documented.
I think the past 15 or so comments illustrate exactly the point the it's very difficult to keep up with these rule changes and nuances in the rules and the different ways the rules are interpreted and enforced by the various lenders and such.
Thus, returning to the OPs questions of "who is suppose to know this?", with regard to the 90 day rule, when it's hard to even know what the "this" is anymore, it's hard to know who's suppose to know. Your agent is no less knowledgeable than 99% of all agents AND lenders it seems, and that really is the fault of the law makers and the banks for screwing everything up so badly.
I think the past 15 or so comments illustrate exactly the point the it's very difficult to keep up with these rule changes and nuances in the rules and the different ways the rules are interpreted and enforced by the various lenders and such.
Thus, returning to the OPs questions of "who is suppose to know this?", with regard to the 90 day rule, when it's hard to even know what the "this" is anymore, it's hard to know who's suppose to know. Your agent is no less knowledgeable than 99% of all agents AND lenders it seems, and that really is the fault of the law makers and the banks for screwing everything up so badly.
Steve
"This" is why wine and beer makers are probably doing well with real estate industry professionals...We all need a nice relaxing glass of wine at the end of the day.
For a house I made an offer on prior to the one I actually purchased, I felt the Agent was dishonest when I verbally agreed with the Agent that I would like Seller Concessions to be $5000. The Agent then increased the Offer amount by $5000 (as expected), but did NOT include anywhere in the contrFact the seller concessions of $5000. I had to terminate this contract (since the seller obviously accepted the sweet terms set forth by my Agent)
This bothers me and I think it's a huge mistake that is serious enough. Why doesn't this bother any of you other Realtors?
The seller of the home is pretty upset by all of this (as am I). I cannot for the LIFE of me find anywhere on the HUD or FHA website where it explicitly states that our transactions falls within the bounds of this 90-day seasoning rule. All I find anywhere is the fact that this rule was suspended effective 2/2010 for one year.
Anyone think there's a chance I'm being given the run-around by our lender? Would it have anything to do with the sudden spike in mortgage interest rates and the lender trying to get more interest out of the deal?
The seller of the home is pretty upset by all of this (as am I). I cannot for the LIFE of me find anywhere on the HUD or FHA website where it explicitly states that our transactions falls within the bounds of this 90-day seasoning rule. All I find anywhere is the fact that this rule was suspended effective 2/2010 for one year.
Anyone think there's a chance I'm being given the run-around by our lender? Would it have anything to do with the sudden spike in mortgage interest rates and the lender trying to get more interest out of the deal?
On Monday get a couple of other referrals for other lenders and call them up and ask for a second and third opinion on your situation.
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