Any Lawyers out there of whom I may ask a question?

[username]

Iafafm

what's that?

I (am) asking for a family member?

[yochiek93]

The T&C is different with every bank.
Is there a clause in the contract that restricts you from being able to assign the contract?

If you are flipping the house, what's the benefit of getting a first time homebuyers mortgage?

there is a clause in the contract that if they cant get approved for a mortgage not if they cant get approved for the first time home buyer rates
but what it looks like there is a loophole in the T&C of the bank ill update when i know what it is
thanx for trying to help

[good sam]

Why would the bank care how long the existing owner had the house?

You will likely have more success discussing the issue with a nj mortgage broker than a lawyer.

[yochiek93]

Why would the bank care how long the existing owner had the house?

You will likely have more success discussing the issue with a nj mortgage broker than a lawyer.

Idk weird rules

[Aaaron]

Idk weird rules

Wait, the bank is giving the buyer a hard time because the seller hasn't been on record for long enough?  Never heard of such a thing, unless it's appraisal issue.  I've seen banks hesitant to lend significantly more than the property recently sold for.

[yochiek93]

Wait, the bank is giving the buyer a hard time because the seller hasn't been on record for long enough?  Never heard of such a thing, unless it's appraisal issue.

The bank said the buyer is not qualified for the first time home buyer mortgage rates

[Aaaron]

The bank said the buyer is not qualified for the first time home buyer mortgage rates

Very odd.  Draw up an addendum to the contract extending the close date to after the 90 day mark?

[yochiek93]

Very odd.  Draw up an addendum to the contract extending the close date to after the 90 day mark?

But the the seller wants to rush it that way he gets his money and out

[Aaaron]

But the the seller wants to rush it that way he gets his money and out

Any other contingencies they can use to get out of the contract?  Inspection perhaps?  How much was put down as earnest money?

Unless the seller has other offers, I would think a month or so would be reasonable to ask for.  Any other banks/brokers to talk to?

There's almost always a way out, I'm just not familiar with NJ contracts.

[good sam]

Any other contingencies they can use to get out of the contract?  Inspection perhaps?  How much was put down as earnest money?

Unless the seller has other offers, I would think a month or so would be reasonable to ask for.  Any other banks/brokers to talk to?

There's almost always a way out, I'm just not familiar with NJ contracts.

NJ contracts are looser than NY. There are all sorts of contingencies.

Don't you have a lawyer?

[yochiek93]

NJ contracts are looser than NY. There are all sorts of contingencies.

Don't you have a lawyer?

its for my sister and obviously not such a good one if he didn't see all this before

[coralsnake]

Why would the bank care how long the existing owner had the house?

Wait, the bank is giving the buyer a hard time because the seller hasn't been on record for long enough?  Never heard of such a thing, unless it's appraisal issue.  I've seen banks hesitant to lend significantly more than the property recently sold for.

Happens all the time.

Banks dont want to see a sale for 200k and a week later for 300k. Where did that supposed value increase come from so quickly?

Many lenders have 3, 6, 9 and even 12 month seller seasoning requirements.

Theres been enough shady flip deals in recent memory that make lenders more restrictive with these deals.

[Aaaron]

Happens all the time.

Banks dont want to see a sale for 200k and a week later for 300k. Where did that supposed value increase come from so quickly?

Many lenders have 3, 6, 9 and even 12 month seller seasoning requirments.

Right. That's a common issue, but he's saying they're approving the loan just not the first time home buyer incentive. That's what's weird.

[thaber]

It seems that in NJ chain of title is a big deal,  and whenever there is a quick sale,  even if there's no value increase they get nervous. 
Is the first time incentive with the same terms (down payment etc.) as the loan you are approved for?

[coralsnake]

Right. That's a common issue, but he's saying they're approving the loan just not the first time home buyer incentive. That's what's weird.

It could be that the lender allows sales with no seasoning but not on the FTHB program.