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FHA has extended their Property Flipping Waiver from February 1,2011 to December 31, 2011.
what is FHA Property Flipping Waiver?
Effective for purchase contracts dated February 1, 2010 and after, Borrowers may use FHA-insured financing to purchase previously foreclosed properties WITHOUT the 90-day waiting period:
HUD-owned properties
Bank-owned properties
Properties resold through private sales
This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
To protect FHA Borrowers against predatory practices of flipping where properties are quickly resold at inflated prices, this waiver is limited to sales meeting ALL of the following requirements:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction
Seller must hold title to the property
LLCs, corporations or trusts that are serving as sellers were established and are operated in accordance with applicable state and Federal Law
No pattern of previous flipping activity exists for the subject property, as evidenced by multiple title transfers (more than 2) in the last 12 months as indicated on the Appraisal report
Property was marketed openly and fairly via MLS, auction, For Sale by Owner or developer marketing (assignment of contract not permitted)
If the sales price of the property is 20% or more above the seller's acquisition cost:
Increase in value must be justified by supporting documentation and/or a second appraisal verifying seller has completed sufficient legitimate renovation, repair and rehab work to substantiate the increase in value or in cases where no work is performed, the appraiser provides an appropriate explanation of the increase in value since prior transfer
Second appraisal is always required if 100% increase in purchase price
Property inspection is required and MUST be provided to the purchaser before closing,
Borrower will be charged for the inspection
Non-FHA approved inspectors or 203 k consultants are allowed
At a minimum the inspection must include ALL of the following:
Property structure, including foundation, floor, ceiling, walls and roof
Exterior, including siding, doors, windows, appurtenant structures such as decks and balconies, walkways and driveways
Roofing, plumbing systems, electrical systems, heating and air conditioning systems
All interiors
All insulation and ventilation systems as well as fireplaces and solid fuel burning appliances
Inspector must not have any interest in the property or relationship with the seller and must not receive compensation for the inspection from any party other than the lender.
Inspector may not compensate anyone for the referral, may not receive any compensation for referring or recommending contactors to perform any repairs recommended, and may not be involved in performing any repairs recommended by the inspection
33 comments:
this is great....
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They need to just make this permanent. Thanks for posting.
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There is a lot of useful information here, good article, thanks for your knowledge.
Nice informative blog. I would like to share this blog with my friends.
This is a good opportunity for investors to acquire a real estate property. It's a great opportunity that the world of real estate is now on the internet.
Houses in Salt Lake City for Sale is perfect for finding property values in different areas.
The search tool is good.
It is really quite interesting and knowledgeable article. It helped me the lot and other people also.
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Recently some changes, FHA's house, you can flip the legal effect of how to do business.
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My chances clearly extended. Thanks to that!
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Most of the individuals do not apperceive the appropriate address of marketing. Well, I would like to acquaint you that there are assertive accomplish that you charge to chase in this absorption or abroad you ability end up on the accident side.
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Great Information!
Great to know about this. Thank you for the share.
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This is an interesting article. Im not sure how I came across a real estate article, but interesting read.
A lot of increases happened on all aspect. It makes it too difficult.
I thing FHA take a Good Step. and used pattern are also out standing!
Final expense
Interesting article, plumbing is a very important part of housekeeping.
Great information. I am gathering as much knowledge as I can to try and get into real estate. I have a little money to invest and have heard that now is a good time.
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This is great information, especially for first time home buyers. Secondly, I didn't know there was a blog specifically for Russian home buyers- I have ties to Russia, so that's something I appreciate.
There are a lot of people looking into real estate law salt lake city to help them with contracts and signing the lease. I think its a good idea and I would probably look into it.
Great blog good consumer content. Keep up the good work.
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