Friday, September 5, 2008

Question: "flips"

QUESTION:
I have a question on flips, I purchased a new condo at a bank auction last week where the developer lost several new construction homes. I would like to flip it ASAP and list it for 28,000.00 below current appraisal and 23,000.00 below tax appraisal. The home inspection report came back good with just a couple of minor fixes. I'm sure the rule still applies here but I still have to ask your opinion. Also would a FHA loan be the quickest route to a faster sale? I know there are different rules and different time frames for different lenders.


ANSWER:
For FHA, the contract has to be dated on the 91st day after you, the seller, purchased it. If the sales price is much higher than purchase price, two appraisals may be required.

Conventional has no limitations as to when it can be sold. However, the UW will want to review the title prior to approval to make sure it is clear.

Hope this helps!

Thanks!
Kristin

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i have recently heard that this has increased to 180 days?

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