ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 12/04/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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Good news for single-family home investors, rehabbers and buyers seeking to use low down payment FHA financing: The temporary waiver of FHA's 90-day "anti-flipping" rule was extended last week through 2014.
The waiver, which facilitates purchases of homes from sellers who have held title to their properties for less than 90 days, continues a policy first adopted by the Obama administration in 2010.
Starting in 2003, FHA had imposed the 90-day standard as part of an effort to rein in rampant quick-flips of houses where investors made minimal or no improvements to rundown, foreclosed or abandoned houses, then sold them days or weeks later at high price markups with the help of inflated appraisals to purchasers using FHA loans.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Those flips frequently involved collusion and fraud by teams of mortgage loan officers, realty agents and appraisers -- even straw buyers who defaulted and disappeared without making a single payment -- and racked up significant losses to FHA's insurance fund. Neighborhoods suffered because the properties remained empty and in bad physical condition, depressing values of houses in the immediate vicinity.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
•All transactions must be arm's-length, with no identity of interest between the buyer and seller or other participants. Lenders are required to ensure that the seller actually holds title to the property.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
•In cases where the sales price of the resold property is more than 20 percent more than what the seller paid for it, there must be documentation showing the renovations and repairs that justify the markedly higher resale price.
•Inspections are required of all the key components of the building structure and systems when price jumps exceed 20 percent.
Real estate professionals and others involved in single-family investment activities welcomed the latest extension and its two-year time span. Kevin Kim, an agent with Windermere Preferred Living in Brea, Calif., said "this definitely benefits my investors, but it's also good for communities" where high rates of foreclosure have left properties sitting around in deteriorating conditions.
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