LET"S Flip it! in Chula Vista, California
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Date/Time:04 Feb, 08:02 p.m. EST
Type: Real Estate, For Sale - Private.
Brought to you by SANDIEGOHOUSESHOP.COM http://www.sandiegohouseshop.com/contact to Reach a CHULA VISTA AND SAN DIEGO SHORT SALE SPECIALIST Hugo Sanchez Realtor
New FHA "Flipping" Guidelines
If you are a Real Estate Investor you will be happy to hear about this!
The Federal Housing Administration (FHA) announced that it will extend its "anti-flipping" waiver through 2014.
FHA considers if a Home is purchased and sold within 90 day is a "FLIP"
In 2003, the FHA implemented the "anti-flipping" rule to curb against fraudulent transactions. In 2010, the FHA approved a temporary waiver of the rule to help restart the housing market. In early December, the FHA extended the waiver through 2014 to provide some more certainty to the market.
What you must KNOW:
- All transactions must be with no identity of interest between the buyer and the seller and "arms-length".
- If the difference is more than 20% of the purchased priced, Seller must provide detailed Evidence or repairs and Seller must justify the higher selling price.
- Two different appraisals have to be done in the property for the buyer so the price is justified.
If you have any more questions please feel free to contact us at:
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