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flipping: Flipping Properties - 04/24/11 10:53 AM
Flipping Properties
What makes a property a “flip”? According to RealtyTrac, a property that is bought and then sold again within 180 days is considered a “flip”.
Apparently, we’re doing our share of flipping here in North Carolina. RealtyTrac put out a list of the top 10 areas in the country for flips and Guilford County, North Carolina (my home) ranked number 5 on their list. I’m happy to report that we and our coaching students helped significantly with that ranking!
RealtyTrac also reports that, in 2010, 15.6% of the foreclosed properties purchased in Guilford County resold within 6 … (2 comments)
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flipping: Should Realtors work with Flippers? - 04/14/10 11:09 AM
I hope you've read the post by Sean O'Carroll NAR advises agents not to sell to "Flippers" because it benefits only the investor? I really appreciated him bringing this to everyone's attention.
I do not understand why the NAR would make such a recommendation.
I am an investor. I have purchased roughly 130 properties in the past few years. Many of them are flips. I am doing a lot more flips now than ever before because there is just so much "junk" on the market - so much that needs renovation.
One of the concerns of the NAR appears to be … (2 comments)
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flipping: The 90 Day wait period to sell properties is waived. - 01/17/10 12:22 PM
The 90 day wait period to sell properties is waived.
Fairly recently, HUD enacted a ruling that a property could not be purchased and resold in less than 90 days. Well, you could, but the property would not be eligible for FHA insurance meaning the buyer could not qualify for FHA backed loans.
Effective February 1, 2010, the 90 day wait period to sell properties is waived.
There are conditions, of course. Some of them include:
* the transactions must be arms length. There must be no interest between the buyer, seller and/or any other party to the transaction.
… (10 comments)
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Karen Rittenhouse
Greensboro,
NC
More about me…
All Property Solutions.com
Address: 5009 High Point Road, Suite 201, Greensboro, NC, 27407
Office Phone: (336) 834-0958
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