Are you kidding me?

By
Real Estate Agent with Coldwell Banker Harbour Realty

OK so we need to stimulate the housing economy.  I get that.  So, in the spirit of getting personally involved, I tried to remortgage my home.  I own several other properties outright, one of which is under contract, I own other rental property with a positive cash flow, I am a working Realtor, I have a Super credit score.  I have enough money in the bank to  cover the loan I want to refinance and guess what!  I am unable to refinance because Real Estate was awful last year and I didn't earn over $50,000.

Also, the house I mentioned above was a foreclosure which had been sitting on the market since last July.  I purchased the home in January, worked my butt off and turned the property from unhabitable to like new in 30 days. I priced the property below the assesseed valuation and lower than any property of its kind, received a full price contract only to find that FHA rules say that I have to wait 91 days to write a contract with this FHA purchaser.  So, what's the point.  She is qualified and has all of her ducks in a row, so on day 91 we will write a contract.  I know what this regulation was originally designed to do but I don't think in the present economy it is doing anything to help jump start the economy.  As is always the case when a rule gets on the books it is impossible to  remove it.

 

Comments (7)

Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Sounds like you have done everything right but we must remember how we did get into this position by bending to many rules. They are what they are and in the long run 91 days is really not taht long.

 

Good lcuk

Tony

Mar 31, 2009 11:37 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

These are the nonsensical regulations that we are stuck with when the govenment gets involved in micromanaging what doesn't really need their nose in our business.

Mar 31, 2009 11:38 PM
Jim Dvorovy
Cutler Real Estate - Canton, OH
REALTOR - Canton Ohio Real Estate

Hi Jean -  The time period use to be much longer, so some progress has arlready been made regarding the anti-flip rule.

Mar 31, 2009 11:44 PM
Mark Watterson
Salt Lake City, UT
Utah Real Estate

That rule has been around awhile and I believe aimed at regulating the little fish while the whales are destroying the system.

Mar 31, 2009 11:46 PM
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

The big problem with Government programs is they do not sunset. Even when they become obsolete. I think all this stuff shold have to be revisited . Sorry to rad about your situation

Apr 01, 2009 12:11 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yep, they are trying to do away with the flipping practices of the past.  However, times have changed and if you make improvements these sales should be allowed.  The current problem is some of the short sale flipping going on.

Apr 01, 2009 12:28 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Jean... The rules are antiquated, but are changing as fast as the government can re-think the requirements. I understand you frustrations but work with the rules they don't seam too excessive  after all 91 days is not a life-time. The FHA allowing investors to purchase 10 properties was a good move recently, and other ideas will happen in a reasonable time frame.

Apr 01, 2009 12:30 AM