It was pretty exciting to go into the Labor Day holiday this week knowing my amazing clients who found me on the popular site Yelp.com from the great reviews on the site a few months back had closed on their new home in the Concord, Clayton area right here in the East Bay.
They had been shopping for so long and working with a great Realtor Patrice Peterson Sandstrom of J Rockcliff Realtors in Orinda CA. Patrice really went above and beyond to work with a tough sellers agent Kelly Morgan that was pretty fierce at negotiating for her sellers… (as a sellers agent should be)
Needless to say… my clients fell in love with a home in the Concord area and new they had to have it. There was one pretty big problem though…
The sellers had professionally flipped the property and only owned the home for less than 25 days. Mike and Lewis Jepson of Community Rebuild Partners LLC who do an amazing job of picking up Bay Area real estate at a wholesale price and get it in working condition needed to sell this property fast… What they do is great because companies like Community Rebuild Partners get non working homes back in the market producing tax revenue for the state of California along with the county of Contra Costa.
The big issue was that it can prove difficult to get a loan because of the Fannie Mae flip rule…
Basically this rule says that a standard Fannie Mae Lender will not lend on a property that has been owned by a Property Flipper or a real estate investor unless they have owned it for at least 90 days.
Needless to say my clients along with our team from J Rockcliff in Orinda were surprised to hear the property was a flip. Luckily I was able to pull a rabbit out of a hat on this transaction.
Since I have relationships with a ton of different lending sources including portfolio private lending. I was able to secure financing, on time within 25 days for just 3.875%. Closing the transaction right before the holiday weekend felt amazing too.
If you know anyone that needs to get financing in the CA Bay Area on a flipped property that has had trouble due to the Fannie Mae flip rule… now you have me in your back pocket to help you close that crazy sticky flip deal. Call or email me anytime.